Glocare Pharma to expand operations with $3M investment in Qilinto Industrial Park

Addis Ababa, November 20, 2024 (FBC) – Glocare Pharma Manufacturing PLC, an Indian pharmaceutical firm, has revealed that it is looking to expand its operations by $3 million within Qilinto Industrial Park, in the outskirts of Addis Ababa.

The Glocare Pharma’s desire was revealed during a meeting between the CEO of Industrial Parks Development Corporation of Ethiopia (IPDC), Mr. Fiseha Yitagesu and Managing Director of the company, Venkatesh Rajendra Arakontala.

On the Occasion, Mr. Fiseha expressed his appreciation for the company’s significant role in improving and increasing the quality and coverage of healthcare equipment in Ethiopia.

He assured that the necessary support will be provided to the company to increase the volume and type of products in line with the current national demand.

Managing Director Venkatesh, for his part, has acknowledged the importance of support from IPDC and other stakeholders for his company to be successful in Ethiopia.

He said that his company needs an additional 5 hectares of leased land to increase the supply of medicines and carry out expansion works.

The Managing Director further disclosed that the company will complete the expansion construction on a leased land provided by the corporation in a short time and start production.

Glocare Pharma Manufacturing inaugurated the first phase of its investment at Qilinto Industrial Park in March 2022. The factory is said to be the first pharmaceuticals manufacturing company to commence production at the park.