Beximco Ltd finalised a €32.5 million expansion plan

Bangladeshi conglomerate Beximco Ltd has finalised a €32.5 million expansion plan for its Knit Fabric Facility.

ING Bank and Germany's ECA-Euler Hermes are funding the project which is expected to fosters the expansion and upgrading of its vertically integrated Textile Manufacturing Plant.

The loan agreement was signed by Anil Kumar Maheshwari, COO, on behalf of Beximco Ltd and Lukas Strauch, director and B Ponsioen, MD on behalf of ING Bank.

This milestone that furthered Beximco's international presence, actualised the import of advanced German and other textile equipment through a German exporter; sourcing competitive equipment financing from ING Bank, with an insurance-backed cover from Germany's Export Credit Agency (ECA).

The deal has aggregated 38 equipment suppliers in a single export contract through their international strategic financial advisor – M/s Blend Financial Services Ltd.

On successful financial closure of this Euler Hermes backed transaction, Beximco's Group Director & CEO, Syed Naved Husain said, "This was a very distinctive transaction for us, and it has opened up various avenues for Beximco for its future expansion and growth plans and for the Bangladeshi Textile Industry as a whole towards international financing propelling its global presence to new heights."

Referencing the conglomerate's milestone, Vaibhavi Thakkar, co-founder, and CEO of Blend Financial Services Ltd said, "As a Co-founder & CEO of Blend, we are ecstatic to partner with Beximco in their growth journey that is committed to provide high quality products without compromising its sustainability goals and promoting Bangladesh on an international platform."

Blend is well positioned to provide be-spoke solutions by rallying through its network across all the stakeholders, basis the requirement of the company. In this landmark transaction, Blend has cemented its position as an "Environment Conscious Global Advisor" wherein we partner with our clientele by providing a solution that are aligned to its goals & strategy, she further said.

Beximco Pharmaceuticals COO Rabbur Reza speaks

Beximco Pharmaceuticals isn’t just manufacturing medicine, it’s transforming the collective health of Bangladesh : Rabbur Reza

 

“We’re one of the trailblazers,” COO Rabbur Reza tells to The CEO Magazine. “Bangladesh got its independence in 1971 and at that time, life expectancy was around 52 years and almost 80 per cent of medicines were either manufactured by multinationals or being imported into the country,” he says.

Since its inception in 1976, Beximco has changed all that and today the situation is vastly different. “Over the last four decades, life expectancy has increased to 72 years and we now produce almost 97 per cent of the total medicine made for the country. Additionally, we export to over 70 countries, including the highly regulated markets of the USA, Australia and Europe,” Rabbur explains.

“We are the first US FDA approved pharma company in Bangladesh, and now account for over 20 per cent of the country’s total export of pharmaceutical products. The Bangladesh pharma industry is now very vibrant and forward-looking, and Beximco Pharma has played a significant role in that.”

When Rabbur first joined Beximco Pharma in 1992, he says the company culture was already “excellent”. “It was run by professionals who had big aspirations about how they would like to make this company global because, you see, it originated from two multinationals so it had all the backbones of good quality manufacturing already,” Rabbur explains.

“During my time here, I’ve seen that transformation and we can now proudly say that Beximco has shown the industry how a small pharma company can transform into a bigger global generic pharmaceutical player.”

During my time here, I’ve seen that transformation and we can now proudly say that Beximco has shown the industry how a small pharma company can transform into a bigger global generic pharmaceutical player.

A self-proclaimed people person, Rabbur favours a leadership style that sees him seeking to constantly improve operations and staff experience, and be familiar with every facet of the business.

“I am passionate about what I do,” Rabbur smiles. “I aspire to be among the best and that really keeps me moving. I listen to our team and try to work with them, to sit with the managers and see how they’re doing things, understand their problems and their needs. I try to be a learner. I would say that I’m still learning.”

Rabbur has additional leadership roles of two subsidiaries Beximco has strategically acquired. He is Managing Director of Nuvista Pharma (formerly Organon Bangladesh) and CEO of Synovia Pharma (formerly Sanofi Bangladesh), which Beximco successfully acquired in 2018 and 2021 respectively.

Also integral to the success of the business is the cultivation of strong partnerships – something that Rabbur continues to prioritise. “In all aspects, we try to build a partnership rather than buying and selling a relationship,” he says.

“It’s true that you cannot do that with every organisation, but we have strong partnerships both on the supply side and at the front end, with those who are working with us for the multinational companies and all the leading generic companies or distributors.

Already well on their way to reaching their goal of becoming a key player in the global pharmaceutical arena, from here, Beximco Pharma will only continue to grow and “break new ground”, as Rabbur puts it.

“We are always about continuous improvement. We are enhancing health and wellbeing for people by supplying evaluated medicine and making it affordable,” he says. “We have a very strong focus on CSR activities, on healthcare education for the unprivileged and research in the areas of medical psychiatry.

“And, finally, we are showing the Bangladesh pharma industry how to become global and setting the bar high for generic medicines across the entire world.”