Square Pharmaceuticals Limited has decided to invest $1 million in the Philippines for opening a company named Samson Pharma Inc.
Samson Pharma will be incorporated in the Philippines. The total investment plan is $2.5 million in Samson, which will be engaged in the marketing and distribution of pharmaceutical products, the leading drug maker of the country said in a statement.
Of the total $2.5 million, the company will initially invest $1 million in Samson Pharma, it said.
Square Pharma expects that Samson will start business in April 2024.
"We are opening a company in the Philippines to sell our medicines directly to that country. Samson Pharma will facilitate us to register our medicine in the Philippines," Muhammad Zahangir Alam, chief financial officer of Square Pharma, told The Business Standard on Monday.
In a pioneering move to manufacture abroad, the leading drugmaker in Bangladesh started setting up its plant in Kenya at an export processing zone in Nairobi in 2018, and went into commercial production at the beginning of this year.
Square, which began exporting medicines to Kenya in 2012, expects to generate approximately $4.5 million this year by shipping a wide range of 200 prescription drugs there.