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IBN SINA Pharmaceutical Industry will set up an active pharmaceutical ingredient (API) manufacturing plant at the Jamalpur Economic Zone as part of its plan to become self-reliant in pharmaceutical raw materials.
The listed pharma company’s another API plant is now awaiting the finishing touches at the API Industrial Park in Gajaria of Munshiganj.
With the fresh API project, IBN SINA is planning to meet the rising demand for API, the primary ingredient in a tablet or capsule, in the country, according to its annual report for the financial year 2020-21.
Most of the pharma companies import raw materials (API), and thus Bangladesh is losing a big sum of foreign currencies. “The synthesis of more API productions will certainly lead us to self-reliance, creating new export opportunities,” the company stated in the annual report.
According to the Bangladesh Bank data, Bangladesh spent $292 million on importing pharmaceutical products, including a large quantity of API, in the financial year 2020-21. The import was worth $150 million in the previous financial year. The government recently set up the Gajaria API industrial park to bring changes to the import scenario and make the country self-sufficient in pharmaceutical raw materials.
IBN SINA has recently got another 10 products registered with the US Food and Drug Administration (FDA) and is now planning to increase its export volume to the US market in the current financial year.
Another API plant is in progress at Bhaluka of Mymensingh. The project will include two US FDA compliant pharmaceutical products manufacturing plants for OSD (Oral Solid Dosage) and sterile products.
According to the annual report, the company earned Tk 9.11 crore from exports in FY21, which was 28 per cent higher than Tk 7.1 crore in the previous year.
Earlier, IBN SINA had set up a pet bottle manufacturing plant, with a monthly production capacity of about one crore bottles, to help its pharma business.
The listed pharma company distributed 47 per cent cash dividend among the shareholders for the financial year ending on June 30, 2021.
The company was incorporated in 1983 and listed on the capital market in 1989. It has more than 450 types of medicine products and exports to 10 countries after meeting the huge domestic demand.
