CHINA’S Shanghai Fosun Pharmaceutical (Fosun Pharma) is looking into possibility of investing in the country.
Fosun Pharma, China’s one of leading health care group, yesterday held discussion with government officials and other stakeholders that may pave way for the firm to construct a factory in Tanzania.
The firm is listed on Hong Kong Stock Exchange. Tanzania Investment Centre (TIC) Executive Director Mr Geofrey Mwambe said the aim is to discuss possible way of letting the firm to make a large-scale invest.
“We are talking to these stakeholders to know their requirements in order to agree and give them opportunity to invest in large scale factory,” he said.
The meeting brought together the Minister of Industry, Trade and Investment, Mr Charles Mwijage and the Minister of Health, Community Development, Gender, Elderly and Children, Ms Ummy Mwalimu.
Others were stakeholders including Medical Store Department (MSD), Tanzania Food and Drugs Authority (TFDA) and Tanzania’s Export Processing Zones Authorities (EPZA). The meeting was held at TIC headquarters.
Mr Mwambe said they will continue to improve and provide friendly system which woos investors to the country. Fosun Pharma was established over two decades ago adhering to the mission of improving human health, according to its website.
Fosun Pharma’s business covers all key sectors of healthcare industry chain, including pharmaceutical manufacturing and Research and Development, healthcare services, medical devices and medical diagnosis, as well as pharmaceutical distribution and retail.
Minister Mwijage said Fosun Pharma investors will help the government on reducing cost of importing pharmaceutical. He said the budget of importing pharmaceutical products in the country in a year is about 269bn/.
The minister further said the country spend a lot of hard earned foreign currencies on importing pharmaceutical and cooking oil products.
Minister Ummy Mwalimu said 94 per cent of money allocated for buying pharmaceutical products is used for importing the products from abroad.
The remaining per cent is procured locally. The company’s representative, Dr Ashok Kumar Pandey, said they have been in the country since 2007 and understand the market very well.
Fosun Pharma works with about 50 business partners worldwide and in Africa they are in Ivory Coast and Tanzania