Sector News

GSK to shut Bangladesh drug making factory by end-2018

July 30, 2018
Life sciences

GlaxoSmithKline will shut its drug manufacturing operations in Bangladesh by the end of this year and will continue with its healthcare business, the managing director of its local businesses said on Friday.

Globally GSK’s pharmaceuticals business has seen sluggish growth in recent years. The company on Wednesday unveiled a new restructuring program to deliver annual cost savings of 400 million pounds by 2021.

Nakibur Rahman said the board of GSK Bangladesh Ltd on Thursday decided to close the drug making factory in Bangladesh.

He said GSK Bangladesh Ltd would continue with its profitable consumer health care business that produces items like Horlicks, Sensodyne and Glaxose-D.

“All of our medicines are substitutable with generic and therefore patients should be able to access a range of suitable alternatives,” Nakibur said. He also said the company’s decision would impact about 1,000 employees. GSK Bangladesh will now seek shareholders nod for a final decision.

“GSK will run pharmaceuticals in our emerging markets region as an integrated operation, putting in place the right commercial structure in markets to deliver a sustainable growth ambition,” Nakibur said without elaborating further.

The state-run Investment Corporation of Bangladesh owns 12 percent stake in the company, while 6 percent of the shares are held by public and different institutions.

By Serajul Quadir

Source: Reuters

comments closed

Related News

October 2, 2022

GSK names Julie Brown, a 25-year AstraZeneca veteran, its first woman CFO

Life sciences

Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.

October 2, 2022

Moderna creates new launch preparation role, poaches Novartis exec as manufacturing lead

Life sciences

Moderna created a new role responsible for “building out the company’s organization to support its growing pipeline.” Starting first thing 2023, Juan Andres, Moderna’s manufacturing head, will step into this new role under the title president of strategic partnerships and enterprise expansion, the company said Thursday.

October 2, 2022

Torrent Pharma to acquire Curatio for $245.16m

Life sciences

The latest takeover is anticipated to boost the presence of Torrent in the dermatology segment. Indian company Torrent Pharmaceuticals has signed a definitive agreement for the complete acquisition of Curatio Healthcare for $245.16m (Rs20bn).