Monday, 16th May 2022
<To guardian.ng
Search
Breaking News:

Interglobe IEG, Turk Ilac partner to boost pharmaceutical production in Africa

By Guardian Nigeria
12 May 2022   |   3:34 am
Foremost Turkish firm that specialises in the production of medicines and vaccines,Turk Ilac, has set up a joint action plan with Interglobe IEG to build seven parenteral solution production plants in Africa. The production of the products will start with Benin, Togo, Angola, Niger and Congo-Brazzaville. Listed in the Istanbul Stock Exchange since 2021, Turk…

Foremost Turkish firm that specialises in the production of medicines and vaccines,Turk Ilac, has set up a joint action plan with Interglobe IEG to build seven parenteral solution production plants in Africa.

The production of the products will start with Benin, Togo, Angola, Niger and Congo-Brazzaville.

Listed in the Istanbul Stock Exchange since 2021, Turk Ilaç is one of the largest Turkish companies, which specialised in the production of pharmaceutical products, particularly vaccines and serum.

Targeting 2022 to 2024, Turk Ilaç will establish the integrated production plants in the countries after agreements with the governments, replicating the successful model implemented in Turkey.

Turk Ilaç is the main supplier of the national vaccine immunisation program, and now seeks to expand into Africa, bringing its experience, expertise and know-how to contribute to the emergence of an African pharmaceutical industry.

The Chairman of Turk Ilaç, Mehmet Berat Battal said: “The development of these seven production units across Africa is of vital importance for the sustainable development not only of the African people, but also for the global economy as a whole.”

Turk Ilaç can further strengthen and expand its footprint in one single trading block to create shared value for their investors and Africa.

In addition to the investments of Turkish medicine in the pharmaceutical sector in the continent, encouraging steps have been taken in the field of sub-industry production, which is an indispensable part of the sector.

By making use of all the industrial capabilities of Turk Ilac group companies serving under Battal Holding in its country, it has succeeded in realizing low-cost integrated productions that do not compromise on quality.

Turk Ilaç, which has a strong financial structure, stated that they do not hesitate to take any steps in this regard and that they are pleased to be supported by both the authorities of the country to be invested and Afriexim and some other related funds.

As a result of the meetings held with the heads of the countries where the investment will be made and the relevant authorities, Turk Ilaç, which received very good feedback on the purchase guarantee and place allocation in order to encourage local production to set out.

This ambitious action plan and expansion project was developed and signed following the Turkey-Africa Summit by InterGlobe, an American company specialised in finding investment opportunities in Africa for foreign companies.

Turk Ilac’s action plan for the continent is to focus on four key areas, investment in the pharmaceutical sector in Africa to ensure health and wellbeing for all;
transfer of advanced technology and best practices in Africa, promoting women’s employment, research and development.

This plan is in line with the agreements signed between InterGlobe and the AfCFTA (Africa Continental Free Trade Agreement) aimed at developing a home-grown pharmaceutical industry, by creating jobs, attracting foreign investment and facilitating the transfer of technology in Africa.

At the signing of the action plan, Interglobe IEG Executive Chairman Bunmi Jinadu said: “It is quite concerning that trade between African countries only accounts for 18 per cent of global trade. We believe that supporting the development of a sustainable pharmaceutical industry in Africa is a powerful contribution to achieving the SDGs. The AfCFTA will help accelerate and deepen trade within Africa and between Africa and other continents, it will be a catalyst for sustainable development to Africa for generations to come.”

COVID-19 showed how supply chain disruptions can affect production cycles and blocks around the world. Also, a slowdown in drug production and rising prices has had a global impact on pharmaceutical supply, especially for Africa as a net importer of medical and pharmaceutical products.

In this article