ICI Pakistan, now LCI, rejects claims of exiting pharma manufacturing

Amid recent reports suggesting that several global pharmaceutical companies have divested their local operations, Lucky Core Industries Limited (LCI), formerly known as ICI Pakistan Limited, has clarified that it has not sold any of its pharmaceutical manufacturing units in the past three years.

In its notice to the Pakistan Stock Exchange (PSX) on Wednesday, LCI noted that it is continuing to grow its pharmaceutical business, including through a recent asset acquisition from Pfizer Pakistan completed in September 2024.

“With reference to recent media reports that some global pharmaceutical companies, including ICI Pakistan Ltd, now Lucky Core Industries Limited, have divested their local pharmaceutical manufacturing operations to other local manufacturers in Pakistan over the past three years.

“In response to the news reports, we wish to clarify that Lucky Core Industries Limited’s pharmaceutical manufacturing operations continue to operate in the ordinary course of business, and that the company has not divested any of its pharmaceutical manufacturing units in the last three years.

“In fact, the company has expanded its presence in the pharmaceutical sector through strategic acquisitions, with the most recent being an asset acquisition from Pfizer Pakistan Limited and other relevant Pfizer group entities, completed in September 2024,” read the notice to the bourse.

The clarification comes after Business Recorder reported that some of the top global pharmaceutical companies have left Pakistan due to a revision of their business plan, rupee depreciation and competition with the local pharmaceutical companies

During the past three years, five major multinational pharmaceutical companies, including Bayer, ICI Pakistan, Sanofi-Aventis, Pfizer, and Novartis, stopped their operations in Pakistan, according to the report. These facilities have been transferred to Pakistani companies to ensure the supply of essential medicines, it added.

However, LCI, in its notice, stressed that the company remains dedicated to its pharmaceutical business in Pakistan.

“With a strategic focus on innovation, geographic expansion, and strengthening access to healthcare, the company is committed to continuing to deliver reliable solutions for patients and stakeholders,” it added.