Fidson to commission $38 million drug plant in Nigeria
Posted on :Wednesday , 26th August 2015
Fidson Healthcare plc will commission a N7.5 billion (US$38 million) drug-making plant this year to offer more options in the Nigerian pharmaceutical industry and grow its portfolio.
The new facility will double the company’s production capacity and will, for the first time, add intravenous fluids to Fidson’s product portfolio. The facility is expected to conform to the World Health Organisation (Geneva)’s current Good Manufacturing Practice (WHO-GMP) standards, the company has disclosed.
This announcement came as the drug firm seals partnership with three United States’ firms for the marketing and distribution of Lodonal, a patent-protected product meant for the management of patients with immune-compromising diseases.
The partnership with Immune Therapeutics, GB Pharma and American Hospitals & Resort (AHAR) will leverage Fidson’s strong marketing base, robust distribution channels, as well as efficient customer and technical support services to promote LodonalTM in Nigeria.
The distribution will become effective upon completion of the ongoing NAFDAC approved 90‐day bridging trial, which evaluates the efficacy and safety of the product.
“Fidson is truly excited about this collaboration with Immune Therapeutics and GB Pharma/AHAR. We know that success in this industry going into the future will be dependent on having the right partnerships, and we could not have asked for better partners at this stage of our growth,” said Fidelis Ayebae, managing director, Fidson Healthcare plc, in a statement.
“The international experience of Immune Therapeutics and GB Pharma/AHAR in different markets, and their strong commitment to research will be of immense benefit to Fidson. Likewise, Fidson’s towering presence in the Nigeria pharma space will open a great door for the group to access one of the biggest and most rewarding markets in Africa,”. Ayebae added.
He said the partnership is another strategic approach by the management of Fidson to further strengthen the company’s growth, adding that it has become significant to the Nigerian economy following President Muhammadu Buhari’s visit to the United States.
Gloria B. Herndon, president and CEO of GB Pharma, said:“This is the crescendo of a great masterpiece that partnership of GB Pharma, American Hospitals & Resorts, Immune Therapeutics, each with its distinct role. Fidson Healthcare markets and distributes throughout the extensive Nigerian Network.
“We feel that Nigeria and US bilateral relationship will benefit from this amazing initiative that will enhance the health and wellbeing of people all over the world. This is the spirit of collaboration that President Obama and President Buhari were talking about during the State visit.”
Fidson was recently recognised by Frost & Sullivan as the recipient of the ‘2014 Growth Excellence Leadership Award in the Nigerian Pharmaceutical Industry’. The award was in recognition of the company’s consistent performance in the Nigerian pharmaceutical sector, which has seen its revenues rise at a 15 percent CAGR over the last five years.
The firm recorded sales of N9.7 billion (US$48 million) in the 2014 financial year. Fidson has consistently been improving their products and sales in order to consolidate their market position, and continued to invest in research and development across various disease areas.
This has seen Fidson record a number of firsts, key among which was becoming the first company in Sub-Saharan Africa to manufacture antiretroviral drugs in 2005. The company has over 200 products across several therapeutic classes, which cut across anti-infectives, gastrointestinal, antiretroviral, anti-malarial, cardiovascular, analgesic, haematinics and supplements.
Richard Afonja, CEO, AHAR, said: “We are well positioned to effect this novel approach to treating HIV/AIDS and other immune compromised diseases in the whole of Africa, starting with Nigeria. Bringing Fidson on board will enhance the facilitation of getting this much needed treatment approach for these conditions.”
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