Citi Pharma Limited (CPHL), a Pakistani pharmaceutical company, will construct a healthcare facility, featuring a 200-bed hospital alongside a medical science teaching university in Lahore.
The listed company engaged in the manufacturing and sale of pharmaceuticals shared the development in its annual report provided to the Pakistan Stock Exchange (PSX) on Wednesday.
In its report, the pharma shared that the company is establishing a hospital facility in Lahore as part of its vertical diversification strategy.
“Lahore is the second largest city of Pakistan with a population of ~13.4 million as quoted by World Population Review.
“Presently, Lahore is facing a shortage of quality healthcare facilities.
“CPHL has acquired a 12-Kanal plot which is located Pine Avenue, opposite DHA Lahore,” it shared.
The company “intends to set up a state-of-the-art 200-bed hospital facility at this location to cater to the demands of a highly densely populated city”, it added.
“These projects are not only part of our broader vision to expand our business footprint but also to contribute to Pakistan’s healthcare and education sectors by fostering innovation and training the next generation of medical professionals,” stated Rizwan Ahmad, CEO CPHL.
Apart from the hospital, CPHL will also construct a medical university in Lahore as well.
Last month, CPHL commenced exports of nutraceuticals to the United States (US).
Back then, the company informed its stakeholders that the financial implications of the latest development were significant, “with the company expecting to generate approximately $3 million annually from this new revenue stream, alongside impressive profit margins of 25% to 30%”.
Earlier in July, Citi Pharma entered into a strategic partnership with India’s Murli Krishna Pharma Private Ltd (MKPL). Under the agreement, MKPL would supply APIs and products to Citi Pharma Limited in the Pakistani market.
Source: Brecorder
