After 60 years of operating in Bangladesh, Sanofi is reportedly planning to leave the country, putting about 1,000 jobs in jeopardy.
According to local reports, the French pharma company sent word of its impending exit to Bangladesh Chemical Industries Corporation, which owns about 20 percent of the local Sanofi company.
For the past few years, Sanofi has been the biggest pharma company in Bangladesh and has around 1,200 employees in the country. But a pharma exec in Bangladesh told local media that Sanofi has been struggling to compete with other companies in the area that have developed the technology to make drugs at a cheaper price. Despite its global prowess, Sanofi has reportedly lost market share in Bangladesh.
Amidst concerns that the exit could dissuade future foreign investment, government officials are reportedly in talks with Sanofi in an effort to get the company to stay.