· An Indian pharma company, Glocare Pharma Manufacturing Plc, has inaugurated its pharmaceuticals production plant, in Ethiopia. The estimated investment is about $5 million .
An Indian pharma company, Glocare Pharma Manufacturing Plc, has inaugurated its pharmaceuticals production plant, in Ethiopia. The plant is located inside the Kilinto Industrial Park.State Minister for Health Dr. Ayele Teshome inaugurated the factory on March 9th.The inauguration was attended by other senior officials and Robert Shetkintong, Indian Ambassador to Ethiopia.
Glocare Pharma, a Chennai based company from India has invested $5 million to set up the pharmaceuticals plant. The factory has an initial capacity to produce 600 million tablets and 7 million caps of liquid medicine annually.
The capacity of Ethiopia’s Pharmaceutical industry is still limited. The country depends on imports for most of its drug requirements to cover 85 percent of its needs.Ethiopia’s import bill on medicines stands at least one billion US dollars annually to import medicines.Ethiopian Government has been trying to promote private investments in the sector to ensure access to quality medicines in the country. Dr. Ayelel observed that the new factory will have a significant contribution to pharmaceuticals supply in the country.
According to Indian Embassy, this is the first standalone Indian investment in the pharma sector in Ethiopia. Some of the leading Indian Pharma companies present in Ethiopia includeCadilla, Cipla, Kilitch Estro etc. These companies have been investing in the pharma sector in joint ventures with local investors. Another JV, Africure, is under construction at Kilinto Industrial Park.
Dr. Venkatesh, Managing Director of Glocare Pharma, said that new manufacturing plant will ensure availability of quality medicines for the local market as well as exports. The company will also work transferring knowledge and skills to its Ethiopian workers.
Read ; https://trendsnafrica.com/ethiopian-deputy-prime-minister-demeke-mekonnen-on-official-visit-to-india/.
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