ADB provides loan for generic medicine production
VOV.VN - The Asian Development Bank (ADB) has signed an US$8 million loan with Imexpharm to help the company sustain its production of generic medicines despite global supply disruptions caused by the COVID-19 pandemic.
The financing will support the company’s working capital needs to ensure ample supply of active pharmaceutical ingredients for essential generic medicine production, according to an ADB press release on Dec. 15.
Imexpharm’s operations and continued production of generic pharmaceuticals and their ensured availability in the market is integral in safeguarding the country’s health care during the pandemic.
“Asia has witnessed disruptions across the pharmaceutical supply chain in 2020, including a shortage of active pharmaceutical ingredients,” said Head of Health and Education Investments at ADB's Private Sector Operations Department Aniruddha Patil. “This project demonstrates ADB’s continued efforts to enhance health outcomes in Vietnam by encouraging the development and use of local generic medicines.”
Meanwhile, Imexpharm Chairman Nguyen Quoc Dinh said the financing will improve the company’s liquidity situation and ensure a consistent supply of affordable generic drugs to hospitals and pharmacies across the country.
This debt financing is part of ADB’s US$20 billion assistance announced on April 13 to help its developing members manage the pandemic.
Imexpharm was established in 1977 and initially incorporated in 1983 as the Dong Thap Pharmaceutical Union. The firm was transformed from a state-owned enterprise into a joint-stock company and renamed Imexpharm. It has more than 1,200 employees, total assets of VND2.072 billion and 6 pharmaceutical manufacturing facilities.