Dubai Investments' Dh65 million ($17.7 app.) Globalpharma project is due to be commissioned this month, CEO Khalid Jassim bin Kalban has told Gulf News.
The venture, in which the company holds a 65 percent stake and partner Kopran contributing 35 percent, will initially manufacture a range of medicines for approval by local and GCC authorities before distribution begins six months later, he said. Full commercial production is expected to start next year.
"We are also in discussions with multinationals to produce medicines for them, and to undertake contract packaging on their behalf," he said.
According to the paper on Friday, this will be the UAE's second drug manufacturing venture after Julphar Pharmaceuticals in Ras Al Khaimah, although there are other pharmaceutical companies in the country limited to packaging and distribution – Albawaba.com
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