Australian Pharma Manufacturing Receives Export Boost
29 June 2007
As one of the few pharmaceutical companies with corporate headquarters in Australia, iNova Pharmaceuticals unveiled the ambitious multi-million dollar upgrade of its manufacturing and laboratory facilities in Sydney today.
iNova Pharmaceuticals is the new name of 3M’s Asia-Pacific pharmaceutical business, which was acquired by Australian private equity firms, Archer Capital and Ironbridge Capital in November 2006.
According to Tony Martin, Chief Executive Officer of iNova Pharmaceuticals, the $13 million Technology Centre upgrade will lead to increased production and exports to Asia and other international markets of iNova’s range of consumer healthcare and prescription medicines.
“With this significant investment, iNova Pharmaceuticals will be better positioned to meet changing customer needs as well as the stringent requirements of the highly regulated pharmaceutical manufacturing environment.”
On an annual basis, the iNova Technology Centre produces 350 million tablets, 1.5 million litres of liquid products and 11.5 million packs of which 8 million packs are exported products.
“With many pharmaceutical companies closing or downsizing their manufacturing presence in Australia, iNova Pharmaceuticals has positioned itself as a leader in manufacturing and exporting, reflecting the significant opportunities for double digit growth, especially in Asia, whilst maintaining high compliance levels”, Mr Martin said today.
iNova Pharmaceutical’s strategic decision to strengthen its manufacturing base with a highly trained workforce in Australia, as a platform for sustained profitable growth, highlights the ‘ideas to action’, approach that iNova Pharmaceuticals takes, as part of being a ‘smart’ fast-acting innovative business.
The Hon Philip Ruddock MP, Attorney General and the Federal Member for Berowra, will tour and officially open the iNova Technology Centre.
About iNova Pharmaceuticals: iNova Pharmaceuticals (Australia) Pty Limited is the new name of the Australian based company, following the acquisition of 3M’s Asia-Pacific pharmaceutical business in November 2006 by Australian private equity firms, Archer Capital and Ironbridge Capital.
iNova Pharmaceuticals develops and markets a range of leading consumer healthcare and prescription medicines in Australia, and exports to many international markets, in particular to the Asia-Pacific region, New Zealand and South Africa.
Media Contact: Stephen Richardson: 0438 262 869