Italian Ambassador to facilitate serious joint ventures in pharmaceutical.

KARACHI, November 19, 2009 (Balochistan Times): Italian Ambassador Vincenzo Prati has assured that he was ready to facilitate joint ventures between Italian companies and their Pakistani counterparts if serious proposals are extended to him. Speaking at a luncheon presentation of Pakistan Pharmaceutical Manufacturers Association (PPMA) at a local hotel, on Thursday, he said Italy has allocated $ 10 million for setting up a plant to locally produce self destructive syringes under a joint venture between Italian company and Pakistani counterpart from private sector. He informed that Italy has converted its $ 100 million loan for Pakistan through debt swap some time back and $ 10 million has been allocated from that amount for this project: pointing out that Italian manufacturer of self-destructive syringes had been identified and now his government is looking for Pakistani partner for this joint venture. Responding to the demand of PPMA for arranging meetings of Pakistani pharmaceutical manufacturers and Italian pharmaceutical companies for joint ventures in technical fields, Prati said that he was more than willing to extend support in this regard. However, I need serious people from PPMA, having concrete proposals for joint ventures in specific fields and they must, first contact Italian companies and then let me know, he added. He said that low cost of production in Pakistan coupled with the very high quality of Italian products would form the ideal joint ventures. Prati said that Italian Embassy will invite Italian Health Minister , at the end of January or early February 2010 to visit Pakistan in reciprocation to the earlier visit of Pakistani Health Minister to Italy. He said that a seminar could be held on opportunities for joint ventures in pharmaceutical field in Pakistan during the visit of Italian Health Ministers visit. He said large Italian pharma companies can come to Pakistan and three to four big projects in pharmaceutical fields can be discussed with Pakistani partners during that seminar. Prati said that an Italian thalassemia physician is working in Pakistani to help local hospitals to fight against this disease. Earlier, chairman PPMA Zahid Saeed in his presentation sought the help of Italian Ambassador for joint venture in various pharmaceutical fields including biotech facilities, active pharmaceutical ingredients (APIs) and clinical research organization (CROs). He said all the major multinational pharmaceutical companies from all over the world are operating in Pakistan except Italian companies. He also said , that pharmaceutical business was growing at a rate of 21 percent and there were bright prospects for Pak-Italy joint ventures in this field. Former Chairman PPMA Dr. Kaiser Waheed also spoke on the occasion.

(THROUGH ASIA PULSE)