Tizig Pharma Pvt. Ltd. is set to invest Rs 351 million ($3.4 million) in Nepal for cancer drug production plant. As the cancer patients have increased in recent years, the India based company is set to invest in Nepal. Venkatesham Ambati, an Indian citizen, is the sole investor of the project.
According to Khagendra Basnet, Director of the Department of Industry (DOI):
The Indian investors said that there is a huge demand of anti- cancer drugs in Nepal when asked why they are going to produce cancer drugs in Nepal.
“Producing cancer drugs in Nepal is financially feasible. But Nepal becoming a feasible market for anti-cancer drug producers is not good news from the point of view of society although it may be good for investors.”
Every year 400,000 boxes of tablets and capsules including 150,000 boxes of anti-cancer drugs will be produced as to the investment permission issued by the DOI in December for which the company plans to hire 88 people.
As the supply of such drugs are heavily restricted in most of the countries, the anti-cancer drugs might not only be focused on domestic market but might also be aimed for exports as there is ease of supply from Nepal.
Drugs worth Rs 16.5 billion are produced in Nepal which accounts for 46 percent of the total supply while Rs 19.45 billion are imported which accounts for 54 percent of the total supply out of which 52 percent are imported from India.
According to Hari Bhakta Sharma, executive director of Deurali-Janta Pharmaceuticals Pvt. Ltd., welcomed the foreign investment in cancer drug production and said:
“It is not immediately possible for Nepali manufactures to set up cancer drug manufacturing here as such medicines are heavily controlled in the world outside Nepal.”