Dodoma — A South Korean producer of medical equipment plans to invest in Tanzania.
It seeks to get a share of Tanzania's lucrative pharmaceutical market.
RadianQbio managing director Sang Young said here yesterday that the company was interested in selling and setting up a plant to manufacture medical equipment.
The Ministry of Industry and Trade data show that every year, Tanzania spends over Sh800 billion on importing medicines and medical supplies.
Local factories are only able to meet about six per cent of the country's requirements.
An industrial engineer in the Ministry of Industry, Trade, Dr Yuda Benjamin, told a health supply chain summit last year that Tanzania's pharmaceutical market was forecast to grow to $700 million by 2021, up from $450 million in 2017.
"We are quite impressed in the manner that most government officers from the Medical Stores Department and TFDA [Tanzania Food and Drugs Authority] handled us as we wanted to understand the investment climate here," Prof Sang told Health minister Ummy Mwalimu at Bunge Premises in Dodoma.
He said the company was in initial stages to ensure that it complies with government laws and procedures regarding selling and marketing medical equipment and facilities.
He pledged to link some Tanzanian universities, to those of Korea to work in various areas.
Ms Mwalimu said the government was willing to assist the company in realising its investment dream.
She told Prof Sang that she would ensure the company complies with the laws and procedures governing investments in Tanzania. RadianQbio has been also involved in research & develop and manufacture next generation on-site diagnosis platform based on innovative bio-MEMS and lab on a chip technology.