August 6, 2011Glaxo to manufacture drugs in Iraq
GlaxoSmithKline, Britain's biggest pharmaceuticals company, has signed a deal to start manufacturing drugs in Iraq for the first time.
The drugs company, which has been the almost exclusive supplier of medicines and vaccines to Iraq's ministry of health for over 20 years, is setting up a manufacturing base in the country.
The agreement with local firm Modern Drug Industries will see GSK medicines packaged and manufactured at their Baghdad facilities.
With an increasing number of international pharmaceutical companies vying for business in Iraq, GSK hopes that establishing a secondary local manufacturer will provide a significant advantage when competing for tenders in future.
GSK said producing drugs closer to the customer would improve their cost base and enable them to sell products on at an "access price".
The company said it also has plans to open its first private business in the country since the invasion by year-end and will be hiring a "significant number" of local staff.
read more @ http://www.telegraph.co.uk/finance/newsbysector/epic/gsk/8686221/Glaxo-to-manufacture-drugs-in-Iraq.html
