To help safeguard the continuity of essential medicines and support job creation in Bangladesh, IFC, a member of the World Bank Group focused on the private sector, has committed a US$ 30.7 million senior secured loan to Popular Pharmaceuticals PLC (Popular), a leading manufacturer of generic medicines.
The financing will support Popular’s US dollar working capital needs, primarily for the import of Active Pharmaceutical Ingredients (API), critical inputs for local medicine production, according to a statement.
Although domestic manufacturers supply most medicines consumed locally, the sector remains highly dependent on imports for key raw materials, particularly APIs.
IFC’s long-tenor U.S. dollar facility helps to ensure timely and uninterrupted access to foreign currency for critical raw material imports, directly supporting the continued production of essential medicine supply for a population of about 170 million.
Popular is among the top ten pharmaceutical companies in Bangladesh, manufacturing more than 815 products and delivering them to around 155,600 pharmacies and clinics, supporting millions of patients, while employing more than 10,000 people across the country, noted the statement.
“This partnership with IFC marks an important step in our journey to become one of Bangladesh’s top pharmaceutical companies by 2030. Beyond financing, IFC brings global healthcare expertise that will help us strengthen our operations, expand into new therapeutic areas, and reinforce our leadership in hormones and specialized medicines” said Dr Mostafizur Rahman, Managing Director and CEO, Popular Pharmaceuticals PLC.
The financing, which comprises US$ 64.1 million in additional private capital in mobilization along with IFC’s commitment, will substantially contribute to unlocking private investment for Bangladesh’s businesses.
“Reliable access to critical raw materials is key to ensuring uninterrupted production of medicines that millions of people in Bangladesh rely on every day. Through our partnership with Popular, one of the country’s leading pharmaceutical manufacturers, IFC is helping strengthen healthcare supply chains and create skilled jobs,” said Carsten Mueller, Regional Industry Director, Manufacturing, Agribusiness and Services, Asia Pacific at IFC.
“The private capital mobilized alongside IFC’s investment demonstrates strong investor confidence in Bangladesh’s pharmaceutical sector and will help bring more private-sector funding into markets where it is needed most.”
The project will support Popular’s hormone division’s expansion with around 330 high-skilled roles and strengthen skills development in advanced pharmaceutical manufacturing, while increasing the share of women employed in the division by at least 60 per cent.
This partnership aligns with the World Bank Group’s goal of reaching 1.5 billion people with quality, affordable healthcare by 2030 and directly supports Bangladesh’s National Health Compact 2025.
Source: The Business Standard
Read More at: csslbd.net
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