ADDIS ABABA – Glocare Pharma Manufacturing Plc, an Indian firm, has inaugurated its pharmaceuticals production plant, set up inside the Kilinto Industrial Park.
State Minister for Health Dr. Ayele Teshome inaugurated the factory on Wednesday together with other senior officials and Indian Ambassador to Ethiopia Robert Shetkintong.
The company has invested $5 million to erect the pharmaceuticals plant which has an initial capacity to produce 600 million tablets and 7 million caps of liquid medicine annually.
Dr. Ayelel said the new factory will have a significant contribution to pharmaceuticals supply in the country.
Glocare Pharma is the first standalone Indian investment in the pharma sector in Ethiopia, according to the embassy of innday in Addis Ababa.
Previously, Indian firms have been investing in the pharma sector in joint ventures with local investors. These investments include Cadilla Pharmaceuticals and Kilitch Estro.
Another JV, Africure, is at an advanced stage of construction its own plan at Kilinto Industrial Park.
State minister of health said the government will exert its efforts to increase private investments in the sector to ensure access to quality medicines in the country.
Ethiopia spends at least one billion US dollars annually to import medicines that cover 85 percent of its need.
Dr. Venkatesh, Managing Director of Glocare Pharma, said the new manufacturing plant strives to manufacture quality medicines and play a significant role in the availability of medicines.
Glocare will supply 80 percent of its total production to the local market and export the remaining 20 percent to foreign markets, officials say.
Apart from creating job opportunities, the company will also work transferring knowledge and skills to its Ethiopian works, the Corporation added.
The Asian nation is also one of the top investors in Ethiopia. Until the end of last year, about 617 Indian companies that employ about 75000 workers were registered with the Ethiopian Investment Commission.
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