KARACHI: Germany’s Merck KGaA has executed a binding contract to divest its shareholding in Pakistan to Martin Dow Ltd, a leading pharmaceutical company in Pakistan.
The companies also agreed on long-term agreements whereby the business in Pakistan will have access to Merck healthcare and life science portfolios, ensuring continued supply of its products to its patients and customers. “We are convinced that Martin Dow will ensure sustainable long-term growth of the Pakistan business,” Simon Sturge, chief operating officer of Merck’s healthcare business said.
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He added that the divestiture was due to strategic reasons. The Marker family, the founder of the business, will remain a shareholder along with Martin Dow and together, they will uphold the values and ethics that have been the hallmark for Merck’s employees, patients and other stakeholders.
In September, an international standard of drugs registration system was being developed in the country to make it at par with the standard of World Health Organization’s (WHO) specific format of Committee on Trade and Development (CTD).
According to an official of Drug Regulatory Authority of Pakistan (DRAP), after achieving this international standard, Pakistani pharmaceutical companies would be able to get registration of their medicines from concerned authorities of major countries of the world.
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He added with this achievement of international standard on which the DRAP was working, Pakistani companies would be able to get membership of Pharmaceuticals Inspection Cooperation Scheme (PICS) that would help these companies for easily registration in every country of the globe.
Courtesy : Express Tribune