Algorithm plans new factory
will increase by 40 percent
Algorithm, a local manufacturer of pharmaceuticals, intends to establish a new factory in Zekrit, Metn. Claude Khalil, Production Manager at Algorithm, said: “Establishing a new factory was necessary in order to keep up with the latest developments in the industry.”
Developing Algorithm’s existing Zouk facility was not feasible anymore, according to Khalil.
The total area of the new factory will exceed 10,000 square meters. It will adopt new engineering standards and will be equipped with high-tech turnkey solutions. The new factory will increase the company’s production about 40 percent.
The new facility will require investments in excess of $12 million, and will create more than 100 jobs. The factory is expected to start operating in two years.
Algorithm produces international medicines either under license or as generics. “We have our own Research and Development department responsible for innovating new generics every year,” said Khalil.
Algorithm exports about 50 percent of its pharmaceutical products to Arab and Gulf countries. “Sales dropped a bit due to the Syrian turmoil,” said Khalil.
Local pharmaceutical manufacturers serve only about eight percent of the market’s needs – the rest is imported. “Although we represent a small percentage of the market, we try to offer citizens a wide range of medicines for heart conditions, blood pressure, diabetes, and others.”
Date Posted: Oct 28, 2013