Navana Pharmaceuticals will set up a new division for herbal products at its factory at a cost of Tk 20.85 crore. The facility, which is expected to bring Tk 40 crore revenue in year one, will span 10,000 sq ft and is set to be finished within five years, subject to regulatory clearance.
The expansion is intended to help capitalize on demand for health products that are natural and plant based. It will give Navana a new revenue stream and help it diversify, and it will also position the group to take advantage of the global trend towards wellness and natural remedies.
It will also help create jobs in the local economy. The news has had an immediately beneficial effect on the stock market: Navana’s stock price has risen 2.88% to Tk 46.5.
Navana Pharmaceuticals emerged in 1992 and has garnered a reputation in human and veterinary health. By launching this new herbal division, the company takes an important step in its growth strategy to meet the growing demand for natural products and expand its presence in the pharmaceutical market.
Source: The Daily Star
