GlaxoSmithKline’s after facing severe competition for pharmaceutical products from local brands push forwarded selling here only beauty care products instead of live saving drug and popular malted drinks.
The UK based company set out two recent deals with Unilever and Novartis which enables it market products like Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren and Nicotinell patches. It handed down its popular malted drinks products like Horlicks and Maltova to Unilever.
The company shut down pharma units by facing severe price competition from local drug companies, sources said.
GlaxoSmithKline’s sold 82 percent stakes in health food and drinks business in Bangladesh for Tk 1,640 crore to Unilever another Anglo-Dutch multinational.
The remaining stakes of GSK Bangladesh, which is listed on Dhaka Stock Exchange, are held by institutes, foreigners and local individuals.
GSK’s shares on Thursday sold at Tk 1730.80 which experiences huge market demand. The company’s share traded between Tk 1700 and 1890 during last 52 weeks of time, DSE website said.
GlaxoSmithKline Bangladesh Ltd. a healthcare company, which produce and markets pharmaceuticals, vaccines, and consumer healthcare products. It product base is Consumer Healthcare segment. The Consumer Healthcare segment sale health food drinks under the Horlicks, Maltova, Boost, and Viva brand names. The company was founded 25 Feb, 1974 and is headquartered in Dhaka, Bangladesh.
Nakibur Rahman, Head of GSK Bangladesh said the company witnessed tremendous response from the market after its concentration to only Health Care.
“All of our medicines are substitutable with generic and therefore patients should be able to access a range of suitable alternatives,” Nakibur said.
The state-run Investment Corporation of Bangladesh owns 12 percent stake in the company, while 6 percent of the shares are held by public and different institutions.