P.E.I. bioscience company signs joint venture worth $150 million
Co-founder Mohammad Moin says it's all in an effort to improve health care in Bangladesh
Somru BioScience, a biotechnology company in Charlottetown, has signed a joint venture with a Bangladeshi pharmaceutical company worth $150 million dollars.
The founder of P.E.I.'s Somru BioScience, Mohammed Moin, said he's looking to improve health services in his home country of Bangladesh.
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His company signed on with Radiant Pharmaceuticals, a company that will market Somru BioScience in Bangladesh.
"It's pretty emotional for me," he said. "I always had in my mind to do something in the health care industry, to bring affordable drugs to the market."
"To be able to partner with a company in Bangladesh, it's very heart touching for me, very heartwarming for me to be able to give back."
Moin moved to P.E.I. from Bangladesh more than 15 years ago as an international student and started Somru BioScience with his brother in 2012.
100 new jobs
The company creates affordable test kits that give early detection for diabetes and cancer and will now be able help doctors in Bangladesh prescribe the right medication for those illnesses.
"These tests, these services are not accessible even in developing countries so the technologies we are developing will … help people," he said.
Moin said the deal will bring about 100 jobs to the Island over the next five years and is expected to create $50 million in export sales over that same time period.
A diagnostic labratory will also be established in Bangladesh.
'Expensive, life saving drug is not available over there'
Moin said the company's work inspired by their father.
"When I was in Grade 12, my father was diagnosed with esophagus cancer and he eventually passed away within three, four months," he said.
"At the time I had the opportunity to navigate through the health care system in Bangladesh and realized expensive, life saving drug is not available over there and even if you have access, it's very expensive."
"That motivated me and was in the back of my mind to do something."
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