Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma) announced today its expanded partnership with the International Finance Corporation (IFC) to bolster healthcare delivery in West Africa.
The joint initiative entails the construction of a pharmaceutical production facility and distribution center in Côte d’Ivoire.
IFC will grant two loans amounting to 50 million euros to Fosun Pharma’s subsidiaries, financing the three-phased development of a manufacturing site near Abidjan.
Once completed, the facility will have the capacity to produce 5 billion tablets of anti-malaria and anti-bacterial drugs annually.
This project aims to enhance accessibility to affordable, life-saving medications across West Africa, a region grappling with a significant burden of infectious diseases.
The WHO reports that sub-Saharan Africa contributes to more than 95% of global malaria cases and fatalities, underscoring the urgency of addressing these public health challenges.
Mr. Wu Yifang, Chairman of Fosun Pharma, welcomed the support of IFC in fostering local pharmaceutical production and distribution, thereby improving the resilience of regional healthcare supply chains.
This collaboration follows a series of supports that IFC has extended to Fosun Pharma since 2006.
Mr. Sérgio Pimenta, IFC Vice President for Africa, emphasized the necessity of strengthening Africa’s healthcare infrastructure for its future socio-economic progress, particularly in the aftermath of COVID-19.
He believes IFC’s alliance with Fosun Pharma will boost Africa’s local production of essential drugs, ensuring patients can readily access high-quality, affordable medicines.
Fosun Pharma, known for its Artesun® product, is one of the world’s largest antimalarial drug manufacturers, having treated over 56 million severe malaria patients globally by 2022.
The company also supplies to major organizations including the Global Fund, UNICEF, WHO, and various national drug procurement centers in Africa, demonstrating a mature sales network in the region.
BusinessNewsAsia