Beximco Pharma starts export of 4th product to US

FT ONLINE

The country’s leading medicine exporter Beximco Pharmaceuticals Limited has commenced the export of extended release Metformin Hydrochloride (500mg and 750mg) to the US market. This is Beximco’s fourth product to the US market following successful launching of Carvedilol, Sotalol and Methocarbamol, the company said in a press release issued yesterday.

Beximco Pharma received US Food and Drug Administration (FDA) approval for Metformin Hydrochloride, a generic equivalent to Bristol-Myers Squibb’s anti-diabetic drug Glucophage, in December 2016. According to IQVIA market data, the US market for Metformin Hydrochloride is currently valued at USD 456.08 million.

Mr. Nazmul Hassan, Managing Director of Beximco Pharmaceuticals, said “The export of our fourth product to the US is another validation of our growing presence and strength in offering specialised generic products in the world’s largest pharmaceutical market.”

“Since receiving US FDA approval for our oral solid dosage facility in June 2015, we have continued to leverage our competitive generic capabilities and cost advantages to focus on expanding our portfolio in the US, which is an increasingly important market for the Company,” he said.

The Beximco Pharma managing director also hoped that they look forward to exporting additional, high quality, differentiated products to the US and other key global markets in the future.