How Did Square Pharmaceuticals Become So Successful?

It is almost impossible for an individual living in Bangladesh to not come across Square’s products or services. Since its inception in 1958, Square has been considered one of the top companies in Bangladesh. In recent times, Square has been moving towards becoming a multinational company by establishing its own name outside the country. Square has held a strong position in the pharmaceutical industry of Bangladesh since 1985. At present, they hold about 18.1% market share in the pharmaceutical market of Bangladesh. They have crossed the borders of the country and taken their products abroad long ago.

Square has been exporting various pharmaceutical products including antibiotics since 1987. They are currently exporting their products to 42 countries. More than 800 medicines from 14 units are being marketed in these countries. Of these, 19 are from Asia, 13 from Africa, 3 from Oceania, and 6 from Central and South America. Besides, different types of medicines are also being exported to the UK market. In the 2017-18 financial year, Square exported medicines worth Tk 145 crore, which is about 4 and a half percent more than the previous year.

Square Pharmaceuticals is now looking to build a strong position abroad. To that end, they are building their own pharmaceutical factory in Kenya, an African country. Through this, they want to capture the drug market of six countries in East Africa, including Kenya, worth 300 billion US dollars. The work of the factory began on January 8, 2018, in Nairobi, Kenya. Square Pharmaceuticals Kenya EPZ Limited was inaugurated in the presence of Minister of Industry and Commerce of Kenya, Adan Mohammad, Ambassador of Bangladesh to Kenya Major General Abul Kalam Mohammad, Humayun Kabir, and Managing Director of Square Pharmaceuticals Tapan Chowdhury. Which is said to be a wholly-owned subsidiary of Square Pharmaceuticals Limited.

The initial capital of 8 million has been invested to build the factory. Apart from this, another 12 million dollars have been borrowed to build the factory. In all, the company’s total investment in setting up a factory in Kenya will be 20 million dollars. Kenya’s local pharmaceutical manufacturers have the capacity to produce only 30% of the country’s total demand. The remaining 70% of medicines depend on imports. The square is expected to be able to meet much of this huge demand. The plant will be able to produce about 2 billion tablets and capsules and 60 million bottles of liquid medicine each year. It will also supply medicine to Kenya, Tanzania, Rwanda, Burundi, Uganda, and South Sudan.

Production of the factory will start this year. As the first Bangladeshi pharmaceutical company, Square is going to make its own medicine outside the country. Undoubtedly, this is a great achievement for them. Because their move will recognize Square as a multinational company. This success of Square will play a big role in the economy of our country. Starting from the export of raw materials, this initiative of Square will provide employment to a huge number of people in the country. It can be assumed that this will also improve the socioeconomic system of the country.