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Square Pharmaceuticals to initially invest $25m in Kenya

  • Published at 12:58 am January 10th, 2018
Square Pharmaceuticals to initially invest $25m in Kenya
Square Pharmaceuticals Ltd (SPL), Bangladesh, started the construction work of its state-of-the-art pharmaceutical manufacturing plant on January 8, 2018 in Nairobi, Kenya. It is a benchmark achievement for the Bangladesh pharmaceutical industry as SPL will be the first Bangladeshi pharmaceutical manufacturer to build its own plant outside of Bangladesh. The company is set to invest $25 million in Kenya in the first phase. The manufacturing plant will be capable of manufacturing 2 billion tablets and capsules and 60 million bottles of liquid formulations. Kenyan local pharmaceuticals manufacturers have the capacity to produce only 30% of total demand of the Country while 70% of their need still depends on import. Square Pharmaceuticals Kenya EPZ Limited will offer with world class technology of pharmaceuticals manufacturing, quality control and state-of-the-art machineries in Kenya to fill the unmet demand of medicines in East African Community (EAC) market (Kenya, Tanzania, Rwanda, Burundi, Uganda and South Sudan). This investment shall facilitate Bangladesh to earn more foreign currencies through the export of finished pharmaceuticals, semi-finished pharmaceuticals and other pharmaceuticals raw materials.