• Tuesday, June 25, 2024
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BusinessDay

Nigeria nears first locally produced antibiotic as MeCure gets NAFDAC’s nod

MeCure Industries unveils device to boost drug safety

MeCure Industries, a pharmaceutical company in Nigeria, has revealed that it has secured approval from the National Agency for Food & Drug Administration and Control (NAFDAC) to launch the production of the first locally manufactured alternative Amoxicillin- Clavulanic acid tablets, Amoxyclav 625mg.

This was made known in a recent statement.

“MeCure Industries completed its Beta-lactam plant (Amoxycillin and Clavulanic acid also known as Amoxyclav) and, in the first quarter of 2024, secured approval from NAFDAC to launch production of Amoxyclav 625mg tablets (the first locally manufactured alternative antibiotic tablets following the departure of major manufacturers of similar variants),” the statement said.

It said production commenced during the first quarter of 2024, and NAFDAC’s final approval to transition the product’s sourcing status from “import” to “locally produced” was obtained on the 30th of April, paving the way for sales of this product to commence.

“Furthermore, MeCure Industries is proactively retrofitting its other facilities and plants to align with the Beta-lactam plant’s standard.”

The announcement comes after GlaxoSmithKline (GSK), a British multinational pharmaceutical and biotechnology company in August last year announced plans to exit Nigeria, after 51 years of operation in the country. The company is known for producing major and popular antibiotic drugs.

According to the statement, MeCure has made significant progress in constructing its pioneering Corticosteroid manufacturing plant, slated to become the only facility of its kind in Nigeria.

“As Q1, the project achieved a 90 percent completion rate. This plant is dedicated to the production of Dexamethasone and Prednisolone medications, which are used for the treatment of inflammation, tertiary disorders, and severe injuries,” it said.

It added that MeCure, having launched its state-of-the-art Track and Trace Solution in Q1, stands as the pioneer pharmaceutical manufacturing company in Nigeria to adopt this advanced technology.

“This first phase of implementation of this innovative solution took effect during the period for 20 of their popular brands. Moreover, the solution is continually evolving to provide insights into potential target markets through a feature that monitors product distribution points.”

In Q1, MeCure’s revenue increased to N8.1 billion, a 47 percent rise from N5.5 billion in Q1 2023. The growth was attributable to a combination of an increase in the average unit prices of products reflective of ongoing macro and industry dynamics and higher volumes sold.

“This growth underscores successful market penetration by MeCure through effective marketing and increased regional penetration.”

Its after-tax profit also increased to N641 million from N398.8 million.