ISLAMABAD, Feb 7: An Argentine pharmaceutical company, in collaboration with a local company, would set up Pakistan’s first biotech pharmaceutical plant to manufacture medicines for the treatment of Hepatitis C and Cancer.

The agreement to this effect was signed here on Tuesday by the Bago Group of Company of Argentine and Ferozsons Labs Ltd. It would be followed by establishment of a research centre as well.

The total investment envisaged in the plant was $10m, which would be carried out in two phases. The plant would be in full compliance with European Union Good Manufacturing Practices.

Meanwhile, Ambassador of Argentine to Pakistan Rodolfo along with the senior director of the company met Secretary Commerce Syed Asif Shah. The delegation demanded facilitation for the export and local production of the medicines.

They demanded a level-

playing field for the production of their medicines as currently these medicines were imported at cheaper prices from India.

The senior director of the company said that this was the first investment from Argentine and disclosed that a lot of new investments would come from Argentine to Pakistan.

Health Minister Muhammad Nasir Khan in a statement assured that Pakistan would provide full support to the company to enable it to establish its plant in the country.

Pakistan is a huge market for the pharmaceutical industry due to its easy access to Afghanistan and Central Asian Republics (CARs), the minister said.

He also thanked the company for donating medicines amounting to $1.2 million to quake victims.