Haleon Pakistan ships off first batch of Centrum to Kenya

Pakistan’s pharmaceutical sector has expanded into the international market as a pharmaceutical company has exported Centrum to Kenya. As per reports, Haleon Pakistan (formerly GlaxoSmithKline Consumer Healthcare Pakistan Limited) manufactured the renowned multivitamin product Centrum at its Jamshoro facility before shipping off their product to the African Nation.

Haleon Pakistan informed the market about the development by sharing the news of the export order via a notice to the Pakistan Stock Exchange (PSX). As per the notice, the company expressed great pleasure in its first ever export of the multivitamin.

This spells great news for cash-strapped Pakistan as rising export revenues could help bridge the gap in the trade deficit. For Pakistan, which has historically ran large deficits with its trading partners, a boost in pharmaceutical dispatches could help the economy.

Moreover, the export order could open up new revenue streams for Pakistan if additional countries start purchasing domestically manufactured pharmaceutical products. Kenya’s import order embodies the faith that the international market has in locally produced pharmaceutical goods.

The company’s notice to the PSX discussed the prospect of expansion of export operations in 2025. Displaying patriotic sentiments, the notice outlined the company’s willingness to operate and to "support the economy of Pakistan".

Recently, exporters have been engaging in tax evasion which has resulted in large amounts of income remaining unrealized for the national exchequer. Many export based companies frequently misrepresent data surrounding their transactions in an attempt to avoid paying taxes.

However, some commend Haleon’s commitment to operating within the country despite the tough business environment. The company appreciated the role that officials from the Special Investment Facilitation Council (SIFC) played to secure the achievement.

Haleon Pakistan, a subsidiary of Haleon Netherlands B.V, was initially listed on the PSX in late March 2015. The company specializes in the commercial provision of pharmaceutical goods that cater to over-the-counter consumer healthcare.

Aside from manufacturing operations, the company also invests heavily into its marketing initiatives to boost sales and increase shareholder value. With the company securing lucrative export contracts, some believe that private investors may begin to pour funds into the company.

While Pakistan’s pharmaceutical industry remains underdeveloped, recent developments suggest that the sector may be on the right track. As per credible reports, Citi Pharma Limited (CPHL) fulfilled its first export order to the Middle East and North Africa (MENA) region - which brought in over half a million Euros into Pakistan.