Beximco Pharmaceuticals, manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, announces the creation of a joint venture with BioCare Manufacturing
Beximco Pharma will provide full technical support to BioCare for the establishment of manufacturing facilities in Seri Iskandar Pharmaceutical Park, Perak (Malaysia) to produce specialised pharmaceutical products.
Beximco will be issued 30% of the equity shares in the joint venture company. BioCare will operate and fund the facility.
In the first phase of the project, an international standard metered dose inhaler facility has been created which has already received good manufacturing practices approval from Ministry of Health Malaysia.
It is expected that the joint venture’s first sales from this facility will be made during 2017.
The company does not expect a significant contribution to its profits from the collaboration in the short term, but feels that it is an important testimony of the company’s technical capability as a generic drug manufacturer.
The joint venture is intended to manufacture and supply differentiated medical products, such as inhalers, under the Malaysian government’s Economic Transformation Program.
The Malaysian government’s initiatives are aimed at increasing investment in the country’s pharmaceutical industry, to provide dedicated drug manufacturing facilities.
This should improve generic drug capabilities, and promote local production to qualify for government procurement.
BioCare has a strong presence in a range of key therapeutic segments in both government and private healthcare sectors in Malaysia.
Managing Director of Beximco Pharma, Nazmul Hassan, commented: "This is our first overseas manufacturing collaboration and I believe our joint venture with BioCare will help address the unmet needs of patients and physicians by supporting the Malaysian government’s initiative to promote the local pharmaceutical industry.
“This kind of collaboration is also in line with our aspiration to continue to strengthen our global presence as a generic pharmaceutical company.”
Based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients.
The company also undertakes contract manufacturing for multinational and global generic pharmaceutical companies.
Biocare is based in Malaysia. This is the company’s first overseas manufacturing collaboration.