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Business News

Why GlaxoSmithKline Nigeria plans to close its Agbara plant

The plan is part of the leading pharmaceutical company’s restructuring efforts, which would see it focus on building “a more sustainable commercial business”.

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GlaxoSmitheKline Consumer Nigeria Plc

The management of GlaxoSmitheKline Consumer Nigeria Plc (GSK) says it plans to shut down its production facility in Agbara by the third quarter of 2021.

The plan is part of the leading pharmaceutical company’s restructuring efforts, which would see it focus on building “a more sustainable commercial business”.

More details about the move

A corporate disclosure issued to the Nigerian Stock Exchange, today, says the company’s Board of Directors approved the plan.

Reason for the planned closure – The document went further to disclose that the pharmaceutical company will transition to contract manufacturing. In other words, GSK will work with local contract manufacturers for the supply of the company’s drugs and other pharmaceutical products.

Expected outcome of the move – GSK’s restructured business model will enable it to transfer technical knowledge and build local production capacity. It will also enable the company to focus on the commercial aspect of its business, which basically involves “supporting access to GSK’s consumer health products, medicines, and vaccines.”

“Following an extensive review of its product supply operation, the Board of Directors has approved a restructuring of GSK’s current operating model to better serve the Nigerian patients and consumers. The restructuring, which will be effective in Q3 2021, involves working with local contract manufacturers for the supply of GSK’s products, where possible. This will support the building of local expertise, transfer of technical knowledge, and improve local production capacities in the country.”

No local contract manufacturer has been named

In the meantime, no local contract manufacturer has been named as a partner by the drug company. Instead, part of the statement issued to the NSE said  “the identification of a suitable third party local manufacturer will be the subject of another announcement.”

Important clarifications – The company says the restructuring will affect its commitment to global health issues in Nigeria and elsewhere. It will also continue to be listed on the Nigerian Stock Exchange.

In the meantime, the Agbara plant remains functional 

The company’s Agbara plant will remain functional until the third quarter of 2021, by which time a suitable local contract manufacturer would have been found.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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Details later…

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