PharmAust Ltd claims it will become Western Australia's first producer and distributor of generic, over-the-counter and prescription medicine, following the opening of its new manufacturing facility in Welshpool this morning.
The facility, which received TGA registration in March 2006, has recently undergone a multi-million dollar refurbishment and the facility now boasts the latest pharmaceutical production capabilities, including a high-tech, pressure balanced air filtered clean room.
In an announcement to the Australian Stock Exchange, PharmAust managing director Paul D'Sylva said the company PharmAust was positioning itself to become a leading producer and distributor of cost effective, generic pharmaceuticals in Australia and New Zealand, and that the facility enabled PharmAust to commence implementation of its generic pharmaceutical strategy.
At the opening, science and innovation minister Francis Logan said the facility would create more jobs and demonstrate the State's capacity as an emerging participant in the pharmaceutical field.
PharmAust has also signed a drug development contract worth $350,000 with an unnamed US-based pharmaceutical company, and has announced its intention to break into the Australian generics market through an agreement with Bristol Pharma Australia, a subsiduary of Indian pharmaceutical group IPCA, enabling it to sell its own brand of paracetamol and ibuprofen through retail grocery, community and hospital pharmacy markets. This is accompanied by research contracts signed domestically to a value of $150,000.
