Beximco Forms Med Products Joint VentureBy
Beximco Pharmaceuticals, a Dhaka, Bangladesh-headquartered manufacturer of generic pharmaceuticals and active pharmaceutical ingredients, has created a joint venture with BioCare Manufacturing, a Petaling Jaya, Selangor, Malaysia -based pharmaceutical company.
Under the agreement, Beximco will provide full technical support to BioCare for establishing manufacturing facilities in Seri Iskandar Pharmaceutical Park, Perak, Malaysia for the production of specialized 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 established and has received GMP approval from Ministry of Health Malaysia. The joint venture is intended to manufacture and supply 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, improve generic drug capabilities, and promote local production to qualify for government procurement.
Source: Beximco Pharmaceuticals