Cote d’Ivoire-Health-Industry

Africa: Foreign firm to establish seven pharmaceutical plants

APA - Abidjan (Cote d’Ivoire)

Guinea, Senegal, Mauritania, Benin, Nigeria, Congo and Angola have been chosen by the Turkish and American companies Ilaç and Interglobe IEG, respectively, the sponsors of the project.

Pharmaceutical independence is yet to be achieved in Africa. In 2020, the black continent imported over 80 percent of its pharmaceutical products and medical consumables. Recently, Covid-19 showed the risks incurred by Africa.

Turk Ilaç, a large Turkish pharmaceutical company and Interglobe IEG, a US company active in finding investment opportunities in Africa for foreign companies, signed an agreement in December 2021 at the 3rd Turkey-Africa Summit. The common goal is to have seven pharmaceutical plants, similar to those successfully built in Turkey, in operation by 2024.

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

The governments of the various states involved are committed to the project. Following meetings with the relevant authorities, Turk Ilaç says it has received “very good feedback” on the guaranteed purchase and allocation of space to encourage local production.

The Turkish group says it carries out integrated production at low cost and without compromising on quality. It now intends to bring its experience and know-how to Africa to contribute to the emergence of a pharmaceutical industry.

In this ambitious project, Turk Ilaç should benefit from the support of the seven target countries, the African Export-Import Bank (Afrexim) and other related funds. Overall, the Turkish company's strategy in Africa revolves around four axes: investment in the pharmaceutical sector, transfer of advanced technologies, promotion of women's employment and development.

For its part, Interglobe IEG had engaged with the African Continental Free Trade Area (AfCFTA) Secretariat to develop the local pharmaceutical industry, create jobs, attract foreign investment and facilitate technology transfer in Africa.

Bunmi Jinadu, the executive chairman of the American group, believes “strongly that supporting the development of a sustainable pharmaceutical industry in Africa is a powerful contribution to achieving the Sustainable Development Goals.”

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