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Mar 20th, 2023
The Cuban state-owned pharmaceutical and chemical company, Labiofam, is set to build a plant in Bolivia.
The project, which came at the behest of Bolivian President Evo Morales, is designed to enable the South American country to independently meet 100% of its demand for basic medicine.
“We should sign the contract at the end of this month,” Labiofam director general, Jose Antonio Fraga, told Reuters. “If we sign the contract we will start right away.”
“This is basically for poor people because they can’t afford the prices set by the transnationals,” explained Mr Fraga. “So these industries will be subsidized by the state or their products will be sold at a very small profit margin, just to sustain themselves, not to get rich.”
Bolivia aims to put the plant to work in supplementing existing supplies and meeting 100% of its domestic demand for basic medicine.
Reports suggest that any excess production made by the plant would be exported, in the main, to countries within the Bolivarian Alliance for the Peoples of America (ALBA).
The Fund for the Productive Industrial Revolution (FINPRO) was created by the Bolivian government in 2012 to finance such projects.
