Don't Miss


Home   >   Business   >   Industries   >   Neimeth spends N162m on facility upgrade

Neimeth spends N162m on facility upgrade

By on June 1, 2014

Neimeth International Pharmaceutical Plc says it has spent $1m (N162.6m) to upgrade its plant in Lagos to meet World Health Organisation standard.

According to the company, the move, along with its plan to build a new plant worth N5bn in Aba, Abia State will not only strengthen the country’s pharmaceutical industry, it will also create job opportunities and boost the country’s economy.

The Director, Administration and Corporate Programme, Neimeth, Rose Oputa, who disclosed this in Lagos, explained that by obtaining WHO certification, Neimeth would be able to distribute its products across the world and attract more income, while positioning the Nigerian pharmaceutical industry to take its place among global leaders.

She explained that the company’s investments in research and development over the years had enabled it develop indigenous drugs rather than just relying on patents from abroad.

All these, she said, had positioned it for sustained growth and long-term profitability.

For instance, she said Neimeth had up to 16 new products – including antibiotics and drugs for people afflicted with hypertension and stress – lined up for introduction into the market, all of which were researched and developed in Nigeria.

She said subject to regulatory approvals, the company’s plan was to introduce a new product every quarter.

She explained that the huge investments being made by the company was strategic and the outcome of proper consultation.

“We had experts come into the country to inspect the plant. These are people who know what it takes to get WHO certification and they have told us what we need to change or improve to achieve the goal and that is what we have done,” Oputa said.

 

[Punch]