Nigeria-based Sygen Pharmaceuticals Limited and Canada-based ORx Pharmaceuticals Corporation have formed a joint venture, Sygen-ORx Biosciences, to develop essential medicines tailored to the unique physiological needs of Nigerians.
The new venture will focus on modifying improved formulations of generic drugs that have received regulatory approvals and achieved substantial commercial success.
Sygen-ORx Biosciences will specifically produce anti-malaria drugs, antibiotics, anti-diabetes, and recuperative medicines, leveraging existing active pharmaceutical ingredients and ORX intellectual property of 30 years.
“The idea is to repurpose them so that they can work better for the Nigerian population. If you have to take a bottle of antibiotics to get better, you will only take half a bottle of the new formulation. This reduces cost,” Alexandra McGregor, chief executive officer of ORX Pharmaceuticals said during the announcement of the joint venture in Lagos.
“Sygen-ORx Biosciences will build upon the foundation of excellence established by ORx and Sygen, ushering in a new era of healthcare innovation.”
Sygen and ORx will provide support to the joint venture company leveraging their expertise gained from global drug discovery research and development and commercialization and distribution, aiming to accelerate open innovation in early-stage drug discovery
The Canadian company is an affiliate of the Toronto Institute of Pharmaceutical Technology, renowned for advancing medical science and patient care.
It brings a wealth of expertise and patented technologies in drug development and commercialization.
Sygen Pharmaceuticals will complement ORX’s strengths with its innovative approach to healthcare solutions, particularly developing high-quality medications and enhancing access to treatments.
Charles Ogunwuyi, chief executive officer of Sygen Pharmaceutical said Nigeria needs to do what China and India have done to wean its pharmaceutical sector away from heavy reliance on imports.
He said depending on big pharmaceutical companies that lack incentives to focus on drugs that solve peculiar African problems may prove futile as they rather explore how to make their money in diseases that are more prevalent focus regions.
Ogunwuyi believes the joint venture will be key in Nigeria’s journey to drug security.
He said despite challenges, the Nigerian pharmaceutical market is projected to grow by seven per cent between 2022 and 2023, according to Fitch Solutions.
The sub-Saharan African pharmaceutical market is projected to grow between three to five per cent over the next decade to $34 billion, McKinsey.
“Together, as Sygen ORx, we have the opportunity to amplify our impact and drive innovation in healthcare, ultimately improving the lives of patients in Africa and beyond. Through our partnership with ORx Pharmaceuticals, we can leverage our collective strengths to deliver meaningful solutions that address critical medical challenges and advance patient care,” Ogunwuyi said.
By combining resources, knowledge, and capabilities, Sygen-ORx aims to accelerate the development and commercialization of cutting-edge therapies, addressing unmet medical needs and improving healthcare access for patients worldwide, he added.
According to the framework agreement, Sygen-ORx Biosciences Ltd. Will advance innovative drug discovery programs into the regional and global pharmaceutical market, reducing cost and increasing access to high-quality branded generic medicines in Africa.
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