KUALA LUMPUR, May 24 — Pharmaniaga Bhd is optimistic of achieving sustainable growth in the long-term.

Non-independent non-executive chairman Datuk Seri Mohamed Shazalli Ramly said the group’s contract with the Ministry of Health for the provision of medicines and medical supplies remains in effect until November 2024.

"In tandem, we are well poised to pursue new avenues of growth in both domestic and overseas markets as the global healthcare, public and private sectors present new opportunities,” he said in the Pharmaniaga Annual Report 2020.

Mohamed Shazalli said the outlook of the global economy is indeed on stronger footing as vaccine distribution has commenced.

Reports from the World Bank indicate a return to growth in 2021, projecting a 4.0 per cent gross domestic product (GDP) expansion.

Correspondingly, a more encouraging outlook is expected for the Malaysian economy, with GDP projected to grow between 6.0 and 7.5 per cent this year.

"Containing the spread of the virus remains a priority and with the government’s National Covid-19 Immunisation Programme now underway, the second half of the year is set to see better progress in the nation’s economic recovery,” he said.

In March 2021, Pharmaniaga entered into an agreement with the government to supply 12 million doses of the Sinovac Covid-19 vaccine to be filled and finished at its plant in Puchong, Selangor. — Bernama