Humanwell Healthcare Group, a Chinese based Plc would inaugurate its pharmaceutical factory built at a cost of 20 million USD at Amhara State, learnt The Ethiopian Herald.
Situated at 7 hectares of land, the industrial plant is the first phase of the total 100 million USD investments by the Chinese health care solution provider.
The plant has been constructed in one and half year and would commence production very shortly. For the first, phase investment, the company targets to produces over 30 products in four dosage forms, tablets, capsules, injection and syrup. The company would create jobs for over 300 people at full capacity.
Group's Integrated Manager Lu Xianjun says that Ethiopia has big market opportunities with growing population. The company would also export products to neighboring countries in near future.
Mekonnen Hailu, Public Relations Director at the Ethiopian Investment Commission tells The Ethiopian Herald that Ethiopia has untapped potential for pharmaceutical sector as the country meets 85 percent of its demand from import. The opening of local manufacturing companies would help substitute import and save hard currency.
Local pharmaceutical companies have limited capacity and are few in number to meet domestic demand and the move by foreign companies such as Humanwell to set up factory is essential to meet the market demand and contribute significantly to the development of the sector. The pharmaceutical sector is at early stage and much needs to be done to attract foreign investors, says Mekonnen.
The factory would be inaugurated on the upcoming Sunday in the presence of senior officials and Chinese delegation. Headquartered at china, Humanwell operates more than ten countries.