Abdul Monem Group is ready to expand its horizon by setting foot in the pharmaceuticals sector, to provide high-quality products at affordable prices.
The new avenue for business, Novus Pharmaceuticals Ltd, starts commercial operations today.
Initially, the company has invested nearly Tk 30 crore to set up the factory and import state-of-the-art machinery at Hemayetpur in Savar, said ASM Mainuddin Monem, managing director of Novus.
"As an entrepreneur, we feel it a responsibility to help improve the healthcare situation and ensure health equity in the country. And I believe that business is an initiative but service is the priority," said Mainuddin.
"We are starting with a small scheme. We have a vision to offer high quality pharmaceutical products at affordable prices, mainly to low-income groups."
Although the healthcare situation has improved a lot mainly in the last decade, low-income groups are yet to get full benefits, he said. "That interested us in getting involved in pharmaceuticals."
Novus is entering the sector at a time when most of the top 10 revenue earning pharmaceutical companies are increasing production capacities to meet growing demand.
Industry insiders said greater public health awareness and investment boosted the sector, setting a new benchmark for turnover every year.
With an annual turnover of around Tk 800 crore, Monem Group thought about entering the pharmaceuticals sector in 2005 and established AM Pharmaceuticals Ltd that failed eventually, said Mainuddin.
Later, Monem Group purchased Novus from Pharmadesh Laboratories Ltd in May 2008 and began developing the factory.
"We got a building infrastructure with minimum facilities from Pharmadesh. We had to work over the last two years to make it a factory of international standards. We imported machinery from UK, Germany, Japan, China and India," he said.
"In addition, we established a strong research and development (R&D) department, which will ensure standards that meet the Current Good Manufacturing Practices criteria set by the World Health Organisation (WHO)," said the Novus boss.
Initially, the company aims to produce primary and chronic health care items, which includes paracetamol and omeprazol, to reach out to the common people.
"We will gradually shift to produce anticancer and anti-AIDS items in the next three to five years."
The 90 staff company, Novus, also plans to get listed in the capital market in the next three to five years, said Mainuddin, also deputy managing director of Abdul Monem Ltd.
At present, the annual market size of the pharmaceutical industry stands at around Tk 7,000 crore, which is growing at a rate of 15 percent a year, said industry insiders.
There are 250 small, medium and large local and multinational pharmaceutical companies operating in Bangladesh.
Of the 250 companies in Bangladesh, the top 10 -- Square, Beximco, Eskayef, Incepta, Acme, ACI, Opsonin, Renata, Aristopharma and Drug International -- take up nearly 70 percent of the total market, according to Intercontinental Marketing Services, a global pharmaceutical market intelligence agency.
Source: http://www.thedailystar.net
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