Bangladesh-based conglomerate Advanced Chemical Industries (ACI) plans to launch a new subsidiary, ACI Herbal and Nutraceuticals, to tap into a growing herbal medicines market.
ACI, known for its comprehensive generics and branded pharmaceuticals business, will hold an 85% stake in the new company, reported the Financial Express. ACI currently has 15 subsidiaries, three joint-venture companies and an associated company.
No information has been made available in terms of when the unit will be ready for commercial operation. The set up of the unit is subject to the approval of regulators, including Bangladesh’s Directorate General of Drug Administration (DGDA).
Bangladesh, which has long been a source of medicinal plants, is positioned to capitalize on a growing interest in herbal medicines. Earlier this month, Bangladesh-based Navana Pharma also revealed plans to launch an herbal division.