Swiss multinational pharmaceutical company, Novartis, has invested US$20 million to expand its presence in Pakistan.
Adviser to Prime Minister on Commerce Abdul Razaq Dawood made an announcement that Novartis, a Swiss multinational company with a multi-decade presence in the country has developed a manufacturing facility in order to produce medicines in Pakistan.
The adviser to the PM further said that that investment indicates that the regulatory reforms and competitive local landscape are being considered as an opportunity by investors. He added that this development is a sign of confidence in international companies to invest in the pharma industry in the future of the country.
He took to Twitter to make the announcement and wrote, “Novartis, a Swiss MNC with a multi-decade presence in Pakistan, has acquired a manufacturing facility to produce medicines locally. Novartis has expansion plan that will bring investment of about USD 20 million.”
In another tweet, he said: “This investment signifies that the regulatory reforms & competitive local landscape is being recognized as an opportunity by investors. This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry…”
This investment signifies that the regulatory reforms & competitive local landscape is being recognized as an opportunity by investors. This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry… 2/3— Abdul Razak Dawood (@razak_dawood) October 19, 2020
In the end, he added to the Twitter post,“…and highlights the realization of increased ease in doing business in Pakistan.”
Last week Switzerland Ambassador to Pakistan also tweeted about his country’s major investment in Pakistan. He had tweeted: “Novartis is one of the major foreign investors in the #pharma sector in Pakistan and will strengthen further its presence in #Karachi. I was pleased to meet with Dr. Imran Rasheed, Novartis Country President & Chief Executive, in Islamabad today.”
The development took place at the moment when prices of the medicines reached an extreme level that common citizens could not afford.