BusinessDay
Nigeria's leading finance and market intelligence news report.

Med-In pharmaceuticals positions for West-Africa market, unveils IV fluid plant

...4, 000 bottles produced per hour

Med-In Pharmaceuticals Limited has unveiled an ultra-modern intravenous (IV) fluids production factory near Nigeria’s leading industrial hub Sagamu, Ogun state.

Its 4,000 bottles per hour IV fluid market has kicked off operations, set to cover Nigeria’s domestic need for quality medication and penetrate West Africa’s medical market which has 60 percent of supplies from Nigeria’s pharmaceutical companies.

The construction of the facility, which commenced in 2010, was backed by the federal government through the Bank of Industry (BOI) and private sector financial player, Providus Bank.

Pushed by growing market demand, Tola Awosika, managing director, Med-In Pharmaceuticals said the plant has evolved from 400 bottles per hour at the beginning of production to a current scale of 4,000 bottles per hour and 21 million bottles yearly.

With expanded capacity, production will hit 50 million bottles in the next two years, he said.

“Today’s milestone event is the result of years of consistency and deliberate efforts to deepen access to quality healthcare for Nigerians and to provide healthcare providers robust options, convenience, cost-effectiveness, and ease of access in meeting the high demand for IV fluid products in the country,” Awosika said.

“With a global market size valued at US$ 10.7 billion in 2020 and estimated to grow at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028, we understand the demand in this ecosystem and we are poised to satisfy the market. Our facility is one of the largest and most sophisticated in Nigeria with the capacity and readiness to deliver. We are committed to driving product quality through strict adherence to the principles of current Good Manufacturing Practices (cGMP), regulatory and statutory requirements, and constant review of our systems to meet global standards.”

Read also: Needed: Mental primary healthcare for a traumatised population

Osagie Ehanire, Nigeria’s minister of health said the Intravenous Fluid Plant shows that local firms are a force to reckon with in ensuring the supply of key medicines, nationally and globally.

Nigeria’s pharmaceutical industry estimated to be worth N45 billion could see increased development of upstream production if companies consider national and regional collaborations.

Speaking during the unveiling of the plant, the minister urged sector players to make forays into under-explored areas such as active ingredient production.

He said the country needs to move towards building domestic capacity for critical medical commodities.

“I believe companies should be focusing on operational resilience, flexibility, and deployment of digital and analytic tools and I can assure that the government of Nigeria will ensure the enabling environment for you to thrive and protect your investment,” Osagie said.

According to the Pharmaceutical Manufacturing Group, Manufacturers’ Association of Nigeria (PMG-MAN), Nigeria is responsible for about 60 percent of medicines consumed in the Economic Community of West African States (ECOWAS) by volume, underlining huge sub-regional market of an estimated 600 million people

Olubayode Awosika, chairman of Med-In Pharmaceuticals said having served for about five decades in Nigeria’s healthcare delivery industry, the company has had a robustly valuable experience to understand where the gap in providing sustainable and effective solutions.

“We have also spent the last ten years building a comprehensive system and facility to bridge this gap. We are pleased to commission this factory as a prelude to unpacking our sustainable intervention in Nigeria’s healthcare delivery space,” he said.

Dapo Abiodun, the Ogun state governor said the investment in the ultra-modern facility will further the state’s status on the global pharmaceuticals and healthcare manufacturing map.

He added that setting up of the factory aligns with the state government’s commitment to creating an enabling environment for businesses and industries to establish, thrive, impact job creation, improve access to quality healthcare and the general wellbeing of our citizens and residents.

“We remain open and committed to partnering with businesses in our quest to provide sustainable healthcare, drive economic growth, promote investments and achieve our goal to reduce unemployment in the State,” Abiodun said

Whatsapp mobile

Get real time updates directly on you device, subscribe now.