GSK Nigeria Plc Announces Fidson Healthcare Plc As Local Contract Manufacturing Partner

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Friday, April 12, 2019 5:10PM /Press Release by GSK


GSK Plc in a move that surprised market analysts and healthcare professionals announced Fidson Healthcare Plc as its local contract partner. In a press release GSK explained that following the review of its supply chain model it had nominated Fidson Healthcare as a supply chain partner to provide contract manufacturing support (For further information, see www.gsk.com/ng).

According to the release, “With this decision Fidson Healthcare PLC will contract manufacture five (5) formulations (“Products”) for GSK Consumer Nigeria Plc. This decision was reached after a detailed and rigorous request for quotation (RFQ) process that involved a number of local manufacturers in Nigeria.”


Creating local content value

GSK further noted that, “With this selection, and subject to the meeting of appropriate regulatory requirements, GSK would be transitioning the manufacturing of five (5) of its products to Fidson Healthcare Plc from Q3 2021. This decision establishes GSK as one of the leading healthcare multinational companies localising production of its brands via local contract manufacturing.”

 According to the company’s Managing Director, Mr. Bhushan Akshikar, “Working with a local contract manufacturer for the supply of our products, where practical, will build local expertise, transfer technical knowledge and improve local production capacities in the country. We believe this decision will allow us to build a more sustainable commercial business, enabling us to continue our efforts in supporting access to our consumer health products, medicines and vaccines across Nigeria and West Africa


Forging A great partnership

On his part Fidson’s Managing Director, Dr. Fidelis Ayebae, noted that, “we are very excited about this collaboration with GSK Consumer Nigeria Plc.  Future growth and success in the healthcare industry will be fostered on the right partnerships, and we could not have asked for better partners at this stage of our growth. This partnership justifies the investment made in our ultra-modern, cGMP-compliant factory and will certainly promote the transfer of technical knowhow and technology while improving access to quality medicines for peoples of the West African sub-region and beyond”

 

Funneling into FGN’s Industrialization Pipeline

 The contract manufacturing strategy adopted by GSK is in line with the industrialisation plan of the Nigerian government - the Nigerian Industrial Revolution Plan (NIRP), which is a bold plan to ensure Nigeria becomes the preferred pharmaceutical manufacturing hub in West Africa. It is also targeted at making the country one of the top two manufacturing hubs in West Africa and the preferred source for supplying low and medium-technology consumer and industrial goods domestically and regionally.
It is important to note that all changes communicated do not impact GSK’s broader commitments to Global Health in Nigeria and across Africa. GSK Nigeria will continue to be listed on the Nigerian Stock Exchange (NSE). 


Visit GlaxoSmithKline Consumer Plc IR Page in Proshare MARKETS

 

Graph– One Year Share Price Movement

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Table – 2018FY Audited Results

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Visit Fidson Healthcare Plc IR Page in Proshare MARKETS

 

Graph– One Year Share Price Movement

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Table – 2018FY Audited Results

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