IFC and Fidson Healthcare Partner to Develop Nigeria’s Pharmaceutical Production Capacity

Lagos, Nigeria, December 22, 2021-To support Africa's goal of strengthening its production of medicines and reducing its rneliance on imports, IFC and Nigeria's Fidson Healthcare Plc. have partnered to develop Nigeria's capacity to produce active pharmaceutical ingredients (APIs).

Through the partnership, IFC and Fidson will conduct a feasibility study to assess the level of investment, skills, and regulatory protocols required to develop Nigeria's manufacturing capabilities for APIs, which are integral to the production of pharmaceuticals.

The results of the feasibility study will inform the strategic and operational direction that Fidson will take as it pursues its longer-term goal of becoming an end-to-end pharmaceutical producer, that produces APIs for use in its own production process, as well as being a supplier to other pharma-companies.

Africa lags other parts of the world in pharmaceutical ingredient production, leaving it dependent on imports for about 70 percent of the medicines it needs. By contrast, in China and India, drug imports average only about 5 percent and 20 percent, respectively.

"Fidson sees a strong case for expanding into API production in order to increase availability of pharmaceuticals and close the gaps caused by supply chain disruption, especially due to the COVID-19 pandemic, across Western Africa and the African continent at large," said Dr Fidelis Akhagboso Ayebae, Chief Executive Officer of Fidson Healthcare Plc. "Our history of commitment to quality as well as our large, finished product footprint presents an ideal fit for backward integration. The project will be transformational and will ultimately result in the stable supply of high-quality, affordable APIs for critical product segments."

"Nigeria and much of the rest of sub-Saharan Africa are heavily reliant on imported pharmaceuticals, but the region has untapped potential to become a hub for pharmaceutical production. Now is the time to step up investment and efforts to create an enabling environment for Africa's pharmaceutical manufacturing development so the continent can better respond to its health needs," said Makhtar Diop, IFC's Managing Director.

Through IFC's API Everywhere program, IFC is working alongside pharmaceutical companies globally to accelerate their ability to manufacture quality APIs at a low cost.

About IFC

IFC-a member of the World Bank Group-is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

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About Fidson Healthcare PLC

Fidson Healthcare Plc is a leading pharmaceutical manufacturing company in Nigeria. Founded in 1995, the company is built on the five core values of Innovation, Excellence, Passion, Integrity and Ownership and is relentlessly pursuing its goal of becoming a leading player in the pharmaceutical landscape in Nigeria and the African continent. Fidson is listed on the Nigerian Stock Exchange and has over 200 quality products across several therapeutic classes including anti-infectives, gastrointestinal, antiretroviral, anti-malarial, cardiovascular, analgesic, haematinics and supplements.

For more information, visit www.fidson.com