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14 Nov 2008 07:00
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BEXIMCO PHARMACEUTICALSΒ LTD.
News ReleaseΒ -Β November 14, 2008Β
Beximco PharmaΒ is firstΒ BangladeshiΒ pharmaceuticalΒ companyΒ toΒ receiveΒ exportΒ approvalΒ toΒ Gulf countries
Beximco Pharmaceuticals Ltd.Β ("BPL" or the "Company"), the leading pharmaceutical manufacturer and the largest pharmaceutical exporterΒ fromΒ Bangladesh,Β announces theΒ achievement ofΒ a milestoneΒ today following the receipt ofΒ approval from the Ministry of Health of Gulf Cooperation Council (GCC) countriesΒ for BPL toΒ commenceΒ exportΒ ofΒ medicines into the GCC. BPLΒ is theΒ first company fromΒ BangladeshΒ to receive this approval.
TheΒ GCC is one of the most active trade blocs of the world and at present has the fourth highestΒ GDPΒ per capita among all the trade blocs.Β In 2007 the overallΒ GDPΒ of GCCΒ countries was $1,112 billionΒ and thisΒ is expected to reach $1,210Β billionΒ by the end of 2008.Β To foster further cooperation within the bloc, the member countries, namelyΒ Bahrain,Β Kuwait,Β Oman,Β Qatar,Β Saudi ArabiaΒ and theΒ United Arab Emirates, established a common market fromΒ 1Β January 2008.Β The combined pharmaceutical market of the GCC countries is currently valued at overΒ USΒ $4Β billion andΒ thisΒ marketΒ isΒ principally enjoyed by multinational companies from Europe andΒ USA.
In February 2008,Β a joint inspection committee of the Ministry of Health of GCC countriesΒ visited theΒ oral solid dosage and inhaler facilitiesΒ of BPL at TongiΒ inΒ Bangladesh.Β TheΒ rigorous auditΒ by the inspection team foundΒ BPL's manufacturing facilitiesΒ to beΒ world class,Β meetingΒ the stringent global Good Manufacturing Practice (GMP) standards. In the last meeting of Ministry of Health of GCC, held atΒ Riyadh,Β Saudi ArabiaΒ theΒ Executive Board of HealthΒ Ministers' CouncilΒ approved the manufacturing facilities ofΒ BPL, opening the way for the Company to commence export intoΒ theΒ rapidly growingΒ pharmaceutical marketsΒ of the Gulf. Β
The Company has also established business partners for all GCC countries and a number of senior business delegation teams from different GCC countries have visited the BPL's manufacturing facility in recent months. These distributors praised the quality and packaging of BPL products and believe that they will have good market acceptance in GCC countries. The Company expects to commence export to these countries imminently.
Mr. Nazmul Hassan, Chief Executive Officer of Beximco PharmaΒ said:
"As part of our global expansion plan, we have always considered theΒ Middle EastΒ asΒ a market with great potential for Beximco PharmaΒ and with the establishment of a common market of GCC countries this regionΒ has become one of the mostΒ attractiveΒ pharmaceuticalΒ marketΒ blocsΒ inΒ the world. As part of ourΒ expansion strategy in theΒ Gulf,Β last yearΒ we signedΒ agreementsΒ withΒ highlyΒ respectedΒ pharmaceutical distributorsΒ in theΒ region, includingΒ Gulf GenericsΒ whichΒ is owned by the members of theΒ KuwaitΒ Royal family.Β With this approval,Β we aimΒ toΒ commenceΒ exportΒ of our products into this region very soonΒ andΒ expectΒ that this willΒ enable us toΒ substantially grow our international business."
For further enquiries please contact:
Β
Beximco Pharma
Nazmul Hassan, CEO
Tel: +880 2 861 9151, ext.2080
Β
Libertas Capital
Aamir Quraishi /Β Anthony Rowland
Tel: +44 (0)20 7569 9650
Β
Financial Dynamics
David Yates / Susan Quigley
Tel: +44 (0)20 7269 7169
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based inΒ Dhaka,Β Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site inΒ DhakaΒ and currently employs over 2,400 staff.
The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers inΒ Bangladesh, in regional markets such asΒ Sri Lanka,Β Nepal,Β Bhutan,Β Vietnam,Β CambodiaΒ andΒ MyanmarΒ and in other markets overseas, principally in East Africa,Β PacificΒ IslandΒ and Central American countries and South East Asia, includingΒ SingaporeΒ andΒ Hong Kong.
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