Pharmaceutical company seeks to upgrade facilities

Pharmaceutical company seeks to upgrade facilities

Pharmaceutical Factory No. 3, one of the major manufacturers of medicines in Laos, needs to update its premises and manufacturing equipment to prepare for the Asean Economic Community (AEC).

The company expects it will spend around US$65 million (522 billion kip), the deputy managing director of the state owned company, Mr Phoukhong Choummala, reported recently.

Lao pharmaceutical companies suffer from a number of disadvantages compared to foreign companies as their quality and standard is still low, he said.

Material development of new technology and structural improvements to the enterprise’s manufacturing facilities will be required in order to survive in the competitive markets of Asean.

Throughout the last 28 years, the company has always sought to develop new products, upgrade its machinery and equipment, boost revenue and train its employees, Mr Phoukhong said.

Pharmaceutical Factory No. 3 is currently producing more than 100 kinds of medicinal products to supply society including traditional medicine.

“Despite the fact we have sufficient employees and proper technical skills we still have to develop more strength for competition,” he explained.

This year, the company is seeking sources of foreign and domestic funding to upgrade its manufacturing equipment and its building facilities in line with international standards.
The state owned enterprise is currently waiting for government consideration in providing accommodation to access the funding, Mr Phoukhong said.

Laos will integrate with the AEC at the end of next year, requiring the business sector in Laos to boost cooperation and develop themselves for competition.
Laos has potential natural resources to supply health related products especially organic herbs and traditional medicines.

Medicine is one sector contributing to socio-economic development, with Laos already boasting a number of established pharmaceutical companies which have been operating over many years.

Pharmaceutical Factory No. 3 earns about two billion kip per month in revenue and delivers about two billion kip in taxes to the government annually.

vientiane times