An agreement was signed here on Wednesday between Argentina's largest industrial group and Ferozesons Laboratories of Pakistan to set up a manufacturing plant of biotechnology products for the treatment of life threatening diseases, including cancer and hepatitis, in Pakistan.
The agreement was signed by Sebastian Bago of Argentina's Laboratorios Bago SA and Osman Khalid Waheed, President of Ferozesons Laboratories, in the presence of Minister of State for Investment and Privatisation, Umar Ahmad Ghumman. The Minister is accompanying the President on his official visit to Argentina and Latin America.
The agreement envisages initial investment of five million dollars to be doubled subsequently. It is the first ever investment outside Latin America by the Argentine company. The plant will be completed in two years and will meet European Union approved standards. The products will be marketed locally and also exported to the Asian region.
With the plant coming on production line, the cost of the medicine for Hepatitis and Cancer will come down by half, as presently, all the medicines are being imported and there is no production facility of this kind in the country.