Fosun Pharma and IFC partner to improve access to medicines in Africa
Shanghai Fosun Pharmaceutical Group has announced a partnership with the International Finance Corporation (IFC) with the aim of helping the company to build a pharmaceutical production facility and distribution in the Ivory Coast.
IFC is expected to provide subsidiaries of Fosun Pharma with two loans up to €50m in order to support the construction of a manufacturing facility near Abidjan which will produce anti-malaria drugs and antibacterial medicines. The facility is expected to produce five billion tablets annually once it is fully established.
This project is intended to improve access to high quality and affordable life saving medicines across West Africa, potentially improving health outcomes in the area. It is also hoped that the project will facilitate medical and manufacturing knowledge transfer to the region, later supporting long term growth of the wider region’s health sector.
Wu Yifang, chairman of Fosun Pharma, commented: “We are glad to be supported by IFC to localise pharmaceutical manufacturing and distribution in Africa. Since 2006, IFC has repeatedly provided supports to Fosun Pharma which is committed to ensuring the continuous accessibility and affordability of pharmaceutical products and improving the resilience of healthcare supply chains in the region.”
Sérgio Pimenta, IFC’s vice president for Africa, added: “Strengthening Africa’s healthcare infrastructure and capabilities is absolutely essential for the continent’s future social and economic development, especially in the wake of COVID-19. IFC’s partnership with Fosun will increase Africa’s ability to manufacture essential drugs locally, helping patients more easily access high-quality, affordable medicines.”
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