Citi Pharma Limited has announced its venture into a joint partnership with a renowned Chinese firm. This strategic move is part of the company’s ongoing commitment to expanding its product portfolio. The objective is to locally produce 30 ingredients for medicines, aiming to reduce imports by approximately Rs10-15 billion annually. Citi Pharma currently manufactures approximately 20 to 22 APIs to meet various medical needs.   The company,  leading manufacturer of Paracetamol in Pakistan,   plans to establish a new production line, with an estimated investment ranging from Rs15-20 billion, in collaboration with Hangzhou Newsea Technology Co Ltd.     Commercial production of these pharmaceutical ingredients is expected to commence within the next 12-18 months, as projected by a local research firm.   Citi Pharma revealed that the joint venture, named Etaci Limited  will primarily focus on manufacturing the remaining portion of APIs not currently produced by Citi Pharma Limited.    Under the legal structure of Etaci Limited, Citi Pharma Limited will retain a controlling interest of 65%, with Hangzhou Newsea Technology Co holding the remaining 35%. This collaboration aims to decrease reliance on imported products, thus enhancing cost efficiency, supply chain resilience, and reducing the import bill. (ICE ISLAMABAD)

Fonte notizia: the express tribune