Any pharmaceutical manufacturing or production establishment must be entirely or partly owned by a certified pharmacist. In the case of a public limited company, half of the members of the board of directors must be certified pharmacists. Only Malagasy nationals or nationals of a country with which a reciprocity agreement has been signed (and this, within the limit of a quota defined each year by order of the Minister in charge of Health) are entitled to register and practice the phamarcist profession. In practice, therefore, foreign investment/participation in pharmaceutical manufacturing is much restrained by such requirement, albeit not entirely precluded.
"TITLE II - PRACTICE OF PHARMACY CHAPTER ONE GENERAL CONDITIONS
 Article 153.- The preparation, manufacture, division, packaging, import, export and wholesale of medicines and other pharmaceutical products subject to the same provisions are reserved exclusively for pharmacists.
Except as provided for in Articles 202 and following of this Code, are reserved exclusively for pharmacists, the retail sale and delivery for payment or free of charge of drugs and other products subject to the same provisions, as well as breast milk substitutes.
Article 154.- The preparation and wholesale and retail sale of medicines for veterinary use are reserved for pharmacists and veterinarians.
The sale of sterile solutions for ocular contact lenses is reserved for pharmacists and opticians.
CHAPTER II - THE PROFESSION OF PHARMACIST
Article 155.- No one may practice the profession of pharmacist if he does not fulfill the following conditions:
‐ hold a pharmacist's degree;
‐ be of Malagasy nationality or a national of a country with which a reciprocity agreement has been signed and this, within the limit of a quota defined each year by order of the Minister in charge of Health;
- be fluent in Malagasy;
- be resident in Madagascar;
- not have any pharmaceutical activity outside of Malagasy territory;
[...]
Article 157.- The head pharmacist practicing in an establishment manufacturing or preparing drugs and similar products must meet the conditions listed in article 155 concerning the exercise of the profession of pharmacist. The pharmacist in charge of a pharmaceutical industry must be in possession of an industrial pharmacist diploma or a pharmacist diploma and a minimum of three years of recent experience in a pharmaceutical manufacturing establishment.
The head pharmacist supervises the activities of all other qualified persons in the establishment and determines their functions and attributions.
The head pharmacist applies the principles and guidelines related to good manufacturing, distribution, promotion and advertising practices recognized by the Malagasy State.
[...]
TITLE III - PHARMACEUTICAL ESTABLISHMENTS
CHAPTER ONE - COMMON PROVISIONS
Article 165.‐ The opening and operation of any establishment for the manufacture, importation intended for wholesale, wholesale, dispensation of medicines and similar products, are subject to an authorization issued by the Minister in charge of of Health after consulting the Order of Pharmacists.
The authorization is issued in the name of the owner of the pharmaceutical establishment if it is a natural person or in the name of the owner company. It is non-transferable.
[...]
Article 168.‐ The opening and operation of any pharmaceutical manufacturing, wholesale distribution and import establishment are subject to the effective exercise of a Responsible Pharmacist.
[...]
CHAPTER V - ESTABLISHMENTS MANUFACTURING AND OPERATING PHARMACEUTICAL PRODUCTS
Article 193.- Pharmaceutical manufacturing or production establishment means any establishment engaged in the sale or export, in the total or partial preparation of drugs and similar products.
Is considered as total preparation, the manufacture of the product from the purchase of the raw materials to the finished product.
Are considered as partial preparations, with the related control obligations, the division, the loading of packaging or presentation of these drugs, products and objects.
Any pharmaceutical manufacturing or production establishment may be the property of:
1°‐ either a natural person with the status of pharmacist;
2°‐ or a company bringing together non-pharmacist natural persons and pharmacists, governed by the provisions regulating civil companies;
3°‐ or a public limited company, provided: - that the shares are in registered form; ‐ that half of the members of the board of directors be pharmacists.
Any pharmaceutical manufacturing or production establishment is placed under the responsibility of a responsible pharmacist.
The head pharmacist must be a member of the Board of Directors of the Company concerned.
Article 194.- The head pharmacist practicing in a pharmaceutical manufacturing or production establishment must meet the conditions listed in 155 and 156 of this Code concerning the exercise of the profession of pharmacist.
The head pharmacist must be assisted by assistant pharmacists, the number of which is proportional to the number of staff in the establishment.
Manufacturing or production establishments must manufacture and sell their products exclusively for the benefit of distribution and wholesale establishments. However, they can export their products.
Manufacturing or production establishments are subject to the general provisions set out in articles 165 and following governing pharmaceutical establishments.[...]" (Law No. 2011-002 of July 15, 2011 on the Health Code [google translation])
Law No. 2011-002 of July 15, 2011 on the Health Code [google translation]
[<a href="http://www.sante.gov.mg/gestechu/textes.pdf">Law</a>]