Things are looking up for Pharmaniaga Bhd, at least for the next five to 10 years. The homegrown pharmaceutical company has ambitious plans not only to strengthen its foothold in existing markets but also to foray into new international markets.
GEORGE TOWN (Jan 6): Pharmaniaga Logistics Sdn Bhd (PLSB), a wholly-owned subsidiary of Malaysia’s leading pharmaceutical company Pharmaniaga Bhd, has officially opened its new distribution centre in Penang.
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PHARMANIAGA Bhd’s Indonesia-listed logistics and distribution arm PT Millennium Pharmacon International Tbk (MPI) is looking at inorganic growth opportunities such as acquisitions and joint ventures (JV) to accelerate its growth. “We are approaching a few companies. Some of them are also our principals. We cannot reveal their names, but we are trying to work with them because some of these companies have good products and good marketing teams, but they do not have the funds (to grow),” MPI president director Ahmad Abu Bakar tells The Edge in a virtual interview.
Pharmaniaga Bhd, which posted record profit and revenue for the financial year ended Dec 31, 2021 (FY21), expects to repeat this feat in FY22, driven by robust vaccine demand, better contribution from Indonesia and over-the-counter (OTC) products.