Ranbaxy opens new mfg facility in Morocco; eyes $1 bn drug mkt
New Delhi: Ranbaxy Laboratories has opened a new production facility in Morocco, a move which would help the drug maker access the African nation's USD 1 billion pharma market.
"Ranbaxy Morocco today announced the opening of its new manufacturing facility at Casablanca, Morocco, paving the way for a direct business presence in North Africa," Ranbaxy said in a statement.
The facility has undergone successful audit of the plant by the Moroccan Health Authorities, it added.
"The achievement of this milestone positions Ranbaxy to access a USD 1 billion pharmaceutical market in Morocco," the company said.
Ranbaxy's Head of Africa Mahendra Bhardwaj said: "Morocco is one of the important markets and this manufacturing facility further reinforces our commitment to people of Morocco and the African continent."
The Gurgaon-headquartered firm also plans to extend the supply from the Moroccon manufacturing unit to other African countries in the coming years, the company said.
With the addition of Morocco, Ranbaxy now has three manufacturing facilities in Africa; the other two located in Nigeria and South Africa respectively.
"With five subsidiaries, five representative offices and a strong workforce of nearly a 1,000 people, Ranbaxy's distribution network caters to 44 of the 54 countries in this continent (Africa)," Ranbaxy said.
Ranbaxy became a part of the Daiichi Sankyo Group in 2008 after Japan's third largest drug-maker bought a majority stake for Rs 22,000 crore.
Shares of Ranbaxy Laboratories were trading at Rs 418.50 apiece on the BSE at 1355 hours, up 0.48 percent from their previous close.