Novartis, a Switzerland based Multinational has acquired a manufacturing facility to produce medicines locally.
Novartis with a multi-decade presence in Pakistan and has an expansion plan that will bring an investment of about USD 20 million, informed Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood on Monday.
“This investment signifies that the regulatory reforms and competitive local landscape is being recognized as an opportunity by investors,” said the Advisor.
Dawood was of the view that the latest acquisition shows the confidence of international companies to invest in the future of the Pakistani pharmaceutical industry and highlights the realization of increased ease in doing business in Pakistan.
It is pertinent to mention, that Novartis maintained strong operational performance in Q1 FY 2020, its net sales from continuing operations grew 13 percent with double digits growth in Innovative Medicines and Sandoz.
Key growth drivers include Entresto USD 569 million (+62pc), Zolgensma USD 170 million, Cosentyx USD 930 million (+19pc), Kisqali USD 161 million (+82 pc) and Piqray USD 74 million, Biopharmaceuticals grew 31pc to USD 450 million, with strong growth in Europe.