Posted on :Wednesday , 24th April 2019
A Korean company, dealing in manufacturing of medical facilities, will invest in Tanzania as it requests to get a share of the East African country’s remunerative pharmaceutical market. South Korean producer of medical equipment eyes Tanzania.
The Radian Qbio managing director, Prof Sang Young said that his firm was interested in selling and investing in setting up a plant to manufacture medical equipment in Tanzania.
The Ministry of Industry and Trade data show that every year, Tanzania spends over Sh800 billion on importing medicines and medical supplies.
Local factories are only able to meet about six per cent of the country’s requirements.
An industrial engineer in the Ministry of Industry, Trade, Dr Yuda Benjamin, told a health supply chain summit last year that Tanzania’s pharmaceutical market was predicted to grow to $700 million by 2021, up from $450 million in 2017.
Prof Sang told Health minister Ummy Mwalimu at Bunge Premises in Dodoma , “We are quite impressed in the manner that most government officers from the Medical Stores Department and TFDA [Tanzania Food and Drugs Authority] handled us as we wanted to understand the investment climate here.”
He said the company was in the begining stages to make sure that it complies with government rules and regulations regarding selling and marketing medical equipment and facilities.
He guaranteed to connect some Tanzanian universities, to those of Korea to work in various areas.
Ms Mwalimu said the government was willing to assist the company in realising its investment dream.
She told Prof Sang that she would make sure the company obeys with the laws and procedures governing investments in Tanzania. RadianQbio has been also engaged in research & development and manufacture next generation on-site diagnosis platform based on innovative bio-MEMS and lab on a chip technology.