Tecnoquimicas (TQ), the largest domestic player in Colombia’s USD 4.6 billion pharma market, announced a swathe of manufacturing investments in late 2019, taking its spending on plants and equipment in the 2018-2022 period to over USD 200 million.
According to Company President Francisco José Barberi, TQ’s investments will expand the firm’s production capacity, responding to demand from both local and international markets. Barberi added that 1,100 additional jobs will be created, that new production will substitute for USD 110 million of imports, and will create USD 70 million of exports.
TQ, which is active in the production of generic drugs as well as other healthcare products, is inaugurating two new medicines plants in Villa Rica, Cauca, in southwestern Colombia and the company’s diaper factory has been expanded. Additionally, by 2021, the arrival of other equipment to manufacture diapers for adults is expected, which represents an investment of USD 60 million.
TQ also has other investments underway, including the construction of a semi-solid plant and the expansion of the company’s effervescent solids and liquids factory.
The expansion plans were announced during the visit of Colombian President Iván Duque to TQ’s Cauca facilities, with both Barberi and Duque keen to play up the significance of the company’s commitment to Colombia.
President Duque said that the investment of USD 200 million delivers “a strong message and also does it with a social function.” He continued, “This is the Colombia we want to build. This does not need ideologies or parties, it is betting on the common sense of a country that wants to transform and needs growth with equity. Thank you for believing in Colombia and betting on large investment and employment and genuine concern for communities.”