Kuwait Saudi Pharmaceutical Industries (KSP) has launched the toll manufacturing of 26 high-quality medicines from the global healthcare leader, Abbott.
As per the statement, this follows the partnership agreement signed between KSP and Abbott earlier last year. The collaboration is a step toward attracting more foreign investment in the healthcare sector.
Toll manufacturing is an arrangement, where a company with specialized equipment processes raw materials or unfinished goods for a different company.
According to the reports, “This milestone marks the first time an international healthcare company such as Abbott broadens access to quality medicines by localizing their production.” The first release of the locally manufactured products is scheduled for the end of the year.
As per the statement, “By establishing reliable quality and supply of medicines in Kuwait, Abbott is delivering on its commitment to transform the way people use medicines, through differentiated products and services, which people can trust to live not just longer, but better.”
“Localizing the manufacturing of pharmaceutical products from a leading global healthcare company not only brings forward the strength of local private companies in the sector but also gives Kuwait simpler and faster access to these products. It allows the country to benefit from technology transfer, employment opportunities, and training programs to handle the most up-to-date equipment and tools. Today, Kuwait is proud to see this initiative flourish and expand its innovation and technology development, in line with the New Kuwait Vision 2035. Overall, this contributes to realizing one of the key pillars of the National Development Plan – building high-quality healthcare in Kuwait.”
Kuwait’s Minister of Commerce and Industry, Mr. Fahad Al Sharean said that, “This is the first foreign investment in Kuwait with such a significant scope in the healthcare industry. This is also the first time that a global healthcare company localizes production in Kuwait and the first time that we will have the ‘Made in Kuwait’ stamp on products that are used to help with the health and wellbeing around the globe.”
“We are very proud to be announcing the start of manufacturing of Abbott’s renowned products in Kuwait, reaffirming KSP’s strength in delivering world-class products, as well as the value our company has been adding to Kuwait’s economy and medical sector for over 75 years,” commented Mr. Mohammed Al Wazzan, Vice Chairman of Mezzan Holding.