Healthcare solution provider, Novartis Pakistan will invest USD 20 million under its expansion plan in the country, informed Chairman Board of Investment (BOI) Atif Bokhari.

“Implementation of regulatory reforms has bolstered economic growth as evident from investment inflow in various sectors,” said Bokhari during a meeting with Imran Rasheed, CEO of Novartis Pakistan. During the meeting the pharmaceutical company discussed their expansion plan that will bring investment to the tune of USD 20mn.

Bokhari said that the BOI is facilitating Novartis in speedy processing of necessary requirements to ensure timely execution of their expansion plan. “Pakistan has a robust domestic market with competitive production costs which makes it lucrative for local & foreign investors,” said Bokhari

BOI will continue to develop and strengthen this advantage to enhance our performance trajectory, he added.

Novartis maintained strong operational performance in Q1 FY 2020, its net sales from continuing operations grew 13% with double digits growth in Innovative Medicines and Sandoz.

Key growth drivers include Entresto USD 569 million (+62%), Zolgensma USD 170 million, Cosentyx USD 930 million (+19%), Kisqali USD 161 million (+82%) and Piqray USD 74 million, Biopharmaceuticals grew 31% to USD 450 million, with strong growth in Europe.