© Nikkei Markets
KUALA LUMPUR (Feb 20) — Malaysian pharmaceutical company Duopharma Biotech, formerly called CCM Duopharma Biotech, hopes to get 10 million ringgit ($2.45 million) in goods and services tax refund this year, the group managing director said Wednesday.
“There are still questions to be resolved with the Finance Ministry,” Leonard Ariff Abdul Shatar told reporters in Selangor after a shareholders’ meeting. “Hopefully it will occur within 2019.”
Meanwhile, the company is banking on a stronger ringgit to boost earnings this year, Leonard said.
“A stronger ringgit is better for our industry. Apart from salaries and packaging, our raw materials are imported. It’s all denominated in USD. We have a good start of the year with the ringgit appreciating,” he added.
Earlier Wednesday, the company’s shareholders approved Duopharma Biotech’s name change following a demerger from its parent company Chemical Company of Malaysia Bhd (CCM Bhd).
Leonard said the company expects to launch a new drug in April after it secured the government’s approval on Feb 7.
The company typically allocates about 3% of its annual revenue towards research and development, he added.
– By Gan Pei Ling
– Edited By Abhrajit Gangopadhyay