KARACHI: Citi Pharma Ltd (CPL) has entered into a joint venture with Hangzhou Newsea Technology Co Ltd, a renowned player in the Chinese pharmaceutical industry.

The JV, Etaci Ltd (a public limited company), will focus on producing the remaining active pharmaceutical ingredients (APIs) that CPL does not currently manufacture.

CPL currently manufactures approximately 20-22 APIs catering to various medical needs and will manufacture an additional 30 APIs through the proposed JV.

Under the legal structure of Etachi Ltd, Citi Pharma retains a 65 per cent controlling interest, while Hangzhou Newsea will hold 35pc.

As per stock filing by CPL on Tuesday, the JV is expected to generate an annual turnover of Rs15 billion.

By manufacturing a greater portion of APIs locally through Etachi Limited, City Pharma is poised to significantly decrease its reliance on imported products, thereby improving cost efficiency, enhancing supply chain resilience and reducing the import bill, a move that is expected to drive substantial growth and profitability, the company said.

Published in Dawn, May 8th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...