Square Pharma to subcontract production

Square Pharmaceuticals Ltd will subcontract some of its production to two local companies to meet increasing demand for existing medicines and introduce new ones.

The two medicine-makers are Naafco Pharma Ltd and Sharif Pharmaceuticals Ltd, says a post on the Dhaka Stock Exchange website.

Square Pharmaceuticals Ltd, a listed company, is the largest medicine-maker in Bangladesh with a market share of 18.8 percent, according to LR Global Industry Insights 2017.

Its six manufacturing units in Dhaka fulfil requirements set by highly regulated markets in Europe, Australia and the US. Another five units in Pabna target markets under the Association of Southeast Asian Nations and the South Asian Association for Regional Cooperation as well as the rest of the world.

Square Pharmaceuticals has approval to export 700 products and sell 900 products in local markets. The company now exports products to 37 countries.

Naafco Pharma started production of human medicines in 2015. The current production range encompasses tablets, capsules, powders, pellets, injectables, and liquids in the form of suspensions and solutions, according to the company's website. Sharif Pharmaceuticals set up a state-of-the-art manufacturing facility in 2011.