Bayer Completes $9.5M Venezuela Investment

Bayer de Venezuela SA has inaugurated a new pharmaceutical manufacturing plant in Caracas, the capital of Venezuela, involving an investment of 14 million Deutschemarks ($9.5 million). The formal dedication was held July 30, in the presence of Venezuela's President, Rafael Calderas.

The plant will make products developed by the German parent company, including leading brands such as Adalat (nifedipine), Ciprobay (ciprofloxacin), Glucobay (acarbose) and Gyno-Canestan (clotrimazole). The new plant will double the company's output to 10 million units.

Speaking at the inauguration, Bayer de Venezuela managing director Claus Remy said this increase in capacity will allow the company to supply not only the domestic market, but also Colombia, Ecuador and Peru. Until now, these products have been manufactured in other countries on Bayer's behalf by other drugmakers. Bayer's sales in Venezuela are said to be around 160 million marks a year.