Novartis, a Switzerland based Multinational has acquired a manufacturing facility in Pakistan to produce medicines locally.
Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood announced that the Swiss company has an expansion plan that will bring an investment of about $20 million to Pakistan.
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. 1/3
— Abdul Razak Dawood (@razak_dawood) October 19, 2020
He wrote, “This investment signifies that the regulatory reforms and competitive local landscape is being recognized as an opportunity by investors.” He said that this acquisition also 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.
As per the financial statements of Novartis, the company maintained strong operational performance in the first quarter of the fiscal year 2020 (Q1 FY 2020) that is July to September. The company’s net sales from continuing operations grew 13 percent with double digits growth in Innovative Medicines and Sandoz.