Citi Pharma’s JV to boost local drug production

Citi Pharma Limited, the leading manufacturer of Paracetamol in Pakistan, has announced its venture into a joint partnership with a renowned Chinese firm. The objective is to locally produce 30 ingredients for medicines, aiming to reduce imports by approximately Rs10-15 billion annually. The company 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. In a notification to the Pakistan Stock Exchange (PSX) on Tuesday, Citi Pharma revealed that the joint venture, named Etaci Limited (Public Limited Company), will primarily focus on manufacturing the remaining portion of APIs not currently produced by Citi Pharma Limited. This strategic move is part of the company’s ongoing commitment to expanding its product portfolio.