Pharmaniaga charts strategic initiatives to overcome PN17 status

Pharmaniaga Bhd has outlined a strategic plan to address the challenges presented by its Practice Note 17 (PN17) status, with a strong focus on financial recalibration and an unwavering commitment to overcoming obstacles.

The group said it has charted a path towards a resilient recovery and rapid progress across its business segments.

Its executive committee chairman Ahmad Shahredzuan Mohd Shariff said the company’s strategic plan encompasses targeted initiatives to streamline business activities.

In addition, this includes optimising overall business operations and costs, as well as finding synergies across all business units, he said.

“The group has placed great emphasis on expanding our capabilities in biopharmaceuticals.

“The focus will be be on establishing state-of-the-art manufacturing facilities for vaccines and insulin to address the increasing needs in these therapeutic areas,” he said.

Shahredzuan said this in a statement in conjunction with Pharmaniaga’s 25th annual general meeting today.

“We are targeting vaccines primarily under the National Immunisation Programme (NIP). The work is progressing well and is scheduled for commercialisation in 2025 for vaccines and 2026 for insulin.”

He said the group is also expecting the negotiation process for its concession renewal to be concluded soon and has been engaged in positive discussions with the health ministry.

On a separate issue, he said Pharmaniaga has close to a 10 percent share in the private generic drugs market, which is significant.

“Our projected growth in the private market for 2023 stands at an impressive 20 percent, surpassing the annual market growth rate of seven percent,” he said.

For its international footprint, Shahredzuan said the group’s logistics and distribution arm in Indonesia, PT Millenium Pharmacon International Tbk, s aiming at double-digit sales compared to last year’s achievement.

Pharmaniaga chairman Izaddeen Daud said the company aims to diversify its business moving forward.

“To achieve this, we are continuously exploring non-concession healthcare opportunities and expanding our logistics business,” he said.

- Bernama

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