Abidjan, Côte d'Ivoire, June 5, 2023—To support stronger healthcare outcomes in West Africa, IFC today announced a partnership with the Shanghai Fosun Pharmaceutical (Group) Co., Ltd. to help the company build a pharmaceuticals production facility and distribution hub in Côte d'Ivoire.
Under the partnership, IFC will provide subsidiaries of Fosun Pharma with two loans totaling 50 million euros to support the construction of a manufacturing facility near Abidjan to produce anti-malaria drugs and anti-bacterial medicines.
The pharmaceuticals factory will be Côte d'Ivoire's largest and have a capacity of five billion tablets annually. The distribution hub will be located near the production facility.
The project will improve access to quality, affordable life-saving medicines across West Africa, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing knowledge transfer to Africa, supporting the long-term growth and strength of the wider region's health sector.
According to the World Health Organization, sub-Saharan Africa accounts for more than 95 percent of global malaria cases and deaths. The region is facing the added task of mitigating the impacts of COVID-19 while addressing numerous other public health challenges.
"We are glad to be supported by IFC to localize pharmaceutical manufacturing and distribution in Africa," said Wu Yifang, Chairman of Fosun Pharma. "Since 2006, IFC has repeatedly provided financial and advisory support 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."
"Strengthening Africa's healthcare infrastructure and capabilities is essential for the continent's social and economic development, especially in the wake of COVID-19," said IFC VP for Africa Sérgio Pimenta. "This initiative will increase Africa's ability to manufacture essential drugs locally, helping patients more easily access high-quality, affordable medicines."
Tridem Pharma will undertake the project's distribution component and Guilin Pharma will undertake the project's manufacturing component. Both Tridem Pharma and Guilin Pharma are subsidiaries of Fosun Pharma.
Since 2006, IFC has provided financial and advisory support to Fosun Pharma, a leading Chinese pharmaceutical company with a worldwide footprint.
Fosun Pharma's Artesun® (Artesunate for Injection) has treated more than 56 million patients with severe malaria worldwide. As one of the world's largest antimalarial drug manufacturers, Fosun Pharma is a major antimalarial drug supplier to the Global Fund, UNICEF, the WHO, and national drug procurement centers in Africa.
In Africa, IFC is helping private providers meet the soaring demand for healthcare and is supporting governments in their goal of achieving universal health coverage by 2030. IFC's investments and advisory services foster best practices in healthcare and life sciences, promote the deployment of innovative technologies, and advance quality care.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About Fosun Pharma
Founded in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* ("Fosun Pharma"; stock code: 600196. SH, 02196. HK) is a global innovation-driven pharmaceutical and healthcare industry group. Fosun Pharma directly operates businesses including pharmaceuticals, medical devices, medical diagnosis, and healthcare services. As a shareholder of Sinopharm Group Co., Ltd.*, Fosun Pharma expands its areas in the pharmaceutical distribution and retail business.
Fosun Pharma is patient-centered and clinical needs-oriented. The company continuously enriches its innovative product pipeline through independent research and development, cooperative development, license-in, and in-depth incubation. Fosun Pharma improves the research and clinical development capabilities of FIC (First-in-class) and BIC (Best-in-class) new drugs as well as accelerates the R&D and launch of innovative technologies and products.
Guided by the 4IN strategy (Innovation, Internationalization, Intelligentization, and Integration), Fosun Pharma will uphold the development model of "Innovation Transformation, Integrated Operation and Steady Growth", with the mission of creating shareholder values through strengthening its independent R&D and external cooperation and enriching its product pipelines, as well as promoting the global networks and enhancing operational efficiency. Fosun Pharma will actively promote the digital and physical business layout in the pharmaceutical and healthcare industry and is committed to becoming a first-class enterprise in the global medical and health market.
For more information, visit www.fosunpharma.com
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