May & Baker Nigeria has announced a contract manufacturing agreement to produce four brands of French pharmaceuticals Sanofi, a deal aimed at increasing local production of drugs and boosting Nigeria’s drug self-sufficiency, the company said Wednesday.
The deal which was signed with Sanofi Nigeria, the local outlet for the global drug company, would see May & Baker use its World Health Organisation (WHO) certified manufacturing facility to produce four products brands of Sanofi for sales in Nigeria and West African Markets.
The Sanofi brands which May & Baker would be producing locally include “Flagyl tablets and Suspension and Tarivid tablets, anti-infective medicines and Malareich tablets- an anti-malaria drug,” May & Baker said in a note to the Nigerian Stock Exchange (NSE).
The pharmaceutical company described the agreement not only as a direct response to the call of the National Agency for Food and Drugs Administration and Control (NAFDAC) for pharmaceutical brand owners to localise their production by using locally available capacity to produce quality products in Nigeria but also a step forward in Nigeria’s quest for medicine security and self-sufficiency.
May & Baker said it has a world-class production facility that has the capacity to produce six billion tablets and 37.5 million 60ml liquid medicine annually and is ready to help other local producers that want to produce locally.
According to the company, it has invested in standard production facilities that meet international standards and has obtained the WHO Good Manufacturing Practice (GMP) certification.
Revenue of May & Baker slowed by 9.57 percent to N5.9bn in the nine months to September 30, 2019.
The company noted an improvement in its beverage segment while the pharmaceuticals segment noted a decline, with its food business was dormant in the period.
Despite a decline in the company’s cost of production, the sharper drop in sales weighed on gross profit which fell by 9.36 percent.
May & Baker was, however, able to report an increase of 14.18 percent in its profit from continuing operations in the nine months.
May & Baker Nigeria Plc manufactures and distributes pharmaceutical products, such as vaccines, antibiotics, and sera.
- Culled from Business Day
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