Pharmax opens AED 125m Science Park factory
|By Arabian Post Staff| Pharmax Pharmaceuticals opened its factory in the Dubai Science Park, built at a cost of AED 125 million. It has an annual production capacity of over 200 million tablet and capsule dosage forms and is dedicated to the manufacturing and commercialisation of pharmaceuticals that target chronic conditions prevalent in the Middle East. The factory is equipped with the latest European technology, meeting stringent global regulatory standards.
Established in 2016, the Dubai Industrial Strategy 2030 has identified the pharmaceuticals and medical equipment sector as one of six strategically important sectors for Dubai’s economy. Positive forecasts predict that an increase in industrial capabilities will add AED160 billion (US$43.5 billion) to Dubai’s GDP, with the industrial sector growing by AED18 billion (US$4.9 billion). Furthermore, the plan is expected to significantly enhance the UAE’s R&D capacities while adding 27,000 specialised jobs and AED15.8 billion (US$4.3 billion) to the country’s export sheet.
Speaking about the new manufacturing facility, Madhukar Tanna, Chief Executive Officer of Pharmax, said: “We are proud to be part of DSP’s vibrant business community, and are confident that now is the perfect time to launch Pharmax in the region. Our company is fully aligned with the Dubai Industrial Strategy 2030 that, among other objectives, seeks to reduce the country’s reliance on imports of pharmaceutical products. The support the business has received from Dubai Science Park, the Ministry of Health and Prevention, and local health authorities has been vital in reaching today’s milestone — the official inauguration of the Pharmax factory.”
Pharmax Pharmaceuticals is already making a positive contribution to the local economy — directly through job creation, and indirectly through helping Dubai become less reliant on foreign imports and demonstrating to other pharmaceutical companies that the emirate is a profitable and strategic location for their plants.
Construction of the facility began in September 2015 as a joint venture between Al Ittihad Drug Store, a distributor of medicines in the UAE, and two of the largest pharmaceutical manufacturing companies in Morocco — Cooper Pharma and Bottu Pharmaceuticals.
Originally published at Arabian Post.
