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Renata has secured high-class recognition from one more stringent drug authority, which opened up an opportunity to export medicines to Turkey.
In a filing on Thursday, the listed drug manufacturer informed that it had received regulatory approval from the Turkish Medicines and Medical Devices Agency for its Rajendrapur General Facility. This approval qualifies the site to register and supply oral solid dosage pharmaceutical products (tablets and capsules) to Turkey.
"This is another confirmation that we maintain one of the best drug manufacturing facilities, as we have already received approvals from some of the world's toughest authorities," Md. Jubayer Alam, company secretary of Renata, told The FE.
"Now importers will contact us to source medicines directly, whereas earlier we had to knock on the doors of our customers."
Alam also said Renata currently exports to 52 countries and has more than 80 drugs that can be exported nearly anywhere in the world.
"We need to register some drugs in Turkey before we start exporting," he added.
In the disclosure, the company said, "Turkey represents a strategically important market for Renata, positioned at the intersection of Europe and the Middle East. This approval further strengthens the company's international footprint and complements the facility's existing approvals from other stringent regulatory authorities, including EU GMP and US FDA, reaffirming Renata's commitment to global quality standards."
The company also anticipates regulatory approval of Amantadine in Turkey within the next year, which is expected to further support Renata's commercial expansion in the region, the disclosure added.
Meanwhile, the share price of Renata decreased by 0.47 per cent to Tk 383.70 on Thursday on the Dhaka Stock Exchange (DSE).
Renata has long been one of the top-performing listed firms, with profits growing consistently until FY22. However, subsequent increases in the dollar price, global market volatility due to the Russia-Ukraine war, and the COVID-19 pandemic significantly impacted the company, making its previously planned expansion more costly. The company has also faced pressure from high interest expenses.
Despite these challenges, Renata is gradually recovering. Its revenue has continued to grow, and it is reducing debt burdens through the issuance of preference shares.
The first batch of preference shares was fully subscribed immediately, demonstrating strong investor interest.
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