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NEWS UPDATES 17 August 2010

Pharmaniaga invades Thailand, Myanmar

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Pharmaniaga Bhd, a Malaysian pharmaceutical firm, which has a presence in Vietnam and Indonesia, plans to enter Thailand and Myanmar by the second-half of next year.

"We are now evaluating the markets and in the process of registering our products there," said managing director, Mohamad Abdullah, at a media briefing here Tuesday.

Mohamad said the registration process would take up to two years and the company was looking at registering more products.

On its future plans, he said, the company's main growth strategies would be to grow organically, focus on operational excellence as well as capacity enhancement.

He said the company would also continue to focus on expanding into new markets and developing new products.

Mohamad said the company expected to record higher revenue and profit.

However, he declined to elaborate.

Pharmaniaga's pre-tax profit for the second quarter ended June 30, 2010 fell to RM20.3 million from RM24.3 million in the same quarter last year.

Its revenue, however, increased by 5.1 per cent to RM350.3 million from RM333.2 million last year, mainly due to higher sales from the government sector.

He said lower pre-tax profit was due to higher selling and distribution expenses and personnel costs.

Mohamad said the pharmaceutical industry was expected to grow by between eight and 10 per cent every year on the continuous demand for medicine and generic products.

He said the industry was a recession-proof and the demand for medicine would continue to grow.

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