SQUARE Pharmaceutical’s Limited a Bangladesh-based company has announced Kshs 7.5 Billion Investment that will see the construction of a local pharmaceutical plant at the Export Processing Zone (EPZ) In Athi River.
The facility to be set up across 16 Acres intends to manufacture about 2 billion tablets/capsules and approximately 60 million bottles of liquid medicines for the local and export market in Africa. According to the Tapan Chowdhury, the managing director of SQUARE Pharmaceuticals Limited who spoke to the Kitengela Biznet the plant will make a huge difference in increasing access to medicines for communicable diseases such as HIV/AIDS, Malaria and tuberculosis in Kenya and in the region at large.
Kenya has a deficit in the supply of drugs and its only able to meet just 28% and nearly 70% of the drugs we used is imported with a regular import growth of 11.45% in the last 3 years on average.
Mr. Chowdhury said that the construction of a local manufacturing facility is a cost reduction strategy aimed at promotion of technology transfer between developed and developing countries which whose ultimate aim is to bring down the price of drugs and increasing public access to quality and affordable medicine sin the country.
According to the world Health Organization (WHO) local production of medicines in developing countries is not only seen as having other valuable socio-economic benefits as well as such as creating employment opportunities for skilled and unskilled personnel.
The plant is expected to hire at least 1500 skilled and unskilled labour and it’s expected to be operational by mid-2019.
Officiating at the event the Cabinet Secretary, Ministry of Industry, Trade and Cooperatives was categorical that Foreign Direct such as the company will play a big role in development of the local manufacturing sector through investment and job creation.
“The construction of a local manufacturing plant will bring significant benefits such as technology transfer and demand for education and training, development of pharmaceutical production sector and affordable medicines as envisaged in vision 2030” Hon. Mohammed said.
Story: Caesar Musungu