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  • Fed Govt partners GSK to enhance local drug production

    Fed Govt partners GSK to enhance local drug production

    The Federal Government is taking significant steps to establish a self-sustaining healthcare system through a strategic partnership with GlaxoSmithKline (GSK), a global leader in pharmaceuticals. This collaboration aims to bolster local drug production and reduce the nation’s reliance on imported medical supplies. Prof. Muhammad Pate, the Minister of Health and Social Welfare, announced this initiative via his official X account from Abuja, underscoring its alignment with President Bola Tinubu’s Presidential Initiative toward unlocking the Healthcare Value Chain (PVAC).

    The PVAC initiative is designed to transform Nigeria into a hub for the manufacturing of high-quality health products. By prioritising local production of essential pharmaceuticals, the government seeks not only to secure the healthcare needs of its citizens but also to enhance the nation’s overall health security. Minister Pate emphasised that GSK’s investment in localised production represents a crucial milestone in Nigeria’s quest for a robust healthcare system, one that effectively addresses the needs of its rapidly growing population.

    In discussions with GSK, Pate expressed the government’s commitment to enhancing local production capabilities. He stated, “GSK’s commitment to investing in Nigeria’s health sector through localised production marks a significant step toward achieving our health security objectives.” This partnership dovetails with the Nigeria Health Sector Renewal Investment Initiative (NHSRII), a comprehensive strategy aimed at building a resilient healthcare infrastructure capable of meeting the demands of the Nigerian populace. The PVAC framework is not just about reducing import dependency; it also aims to fortify the nation’s economic resilience and generate employment within the healthcare sector. By fostering such collaborations, the Nigerian government is working to ensure that high-quality healthcare is accessible to all citizens, in line with President Tinubu’s ambitious vision under PVAC.

    Furthermore, the partnership with GSK extends beyond merely addressing internal healthcare needs. It positions Nigeria as a potential leader in the African healthcare industry. Minister Pate noted that increased local production could allow Nigeria to tap into regional markets, potentially establishing the country as a key supplier of essential medications across the continent. This vision underscores the broader ambition of transforming Nigeria into a major player in the global pharmaceutical landscape.

    Read Also: Save the Children, GSK launch $1m project to tackle barriers against children immunization in Nigeria, Ethiopia

    In support of this initiative, GSK’s Vice President and Head of General Medicines for Europe, Mr. Kunle Oyelana, reiterated the company’s commitment to shared goals, including the development of a localised production facility tailored to meet the demand for essential medicines in Nigeria and neighbouring countries. This partnership signals a progressive move toward achieving greater health independence and resilience in the face of global health challenges.

    Minister Pate also acknowledged the vital role of Dr. Abdu Mukhtar, the Coordinator of the PVAC, in executing President Tinubu’s mandate. He praised Dr. Mukhtar’s leadership, stating, “Dr. Mukhtar’s relentless efforts inspire confidence that our joint sacrifices will soon yield a stronger, healthier, and more prosperous Nigeria.” This acknowledgment highlights the collaborative spirit essential for the success of such transformative initiatives. GSK leverages its expertise in science, technology, and talent to advance disease prevention and treatment, specialising in vaccines, specialties, and general medicines. The company focuses on four core areas: infectious diseases, HIV, respiratory and immunology, and oncology. Through its “Ahead Together” strategy, GSK emphasises early intervention, aiming to prevent and alter the course of diseases while supporting healthcare systems globally.

  • Stock Exchange begins delisting process for GSK

    Stock Exchange begins delisting process for GSK

    • •Suspends trading on shares

    The Nigerian Exchange (NGX) has started the delisting process for the removal of the shares of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc from the stock market.

    A regulatory document obtained yesterday indicated that the NGX has suspended trading on the shares of GSK Nigeria. 

    The NGX stated that the suspension of trading was sequel to the approval of the Scheme of Arrangement between GSK Nigeria and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the same scheme by the Federal High Court.

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    The suspension, which started on Monday, January 22, 2024, was a full suspension, implying there won’t be any trading or price movement henceforth on the shares.

    “The suspension was to prevent further trading on the shares of the company given that the effective date of the scheme of arrangement was Friday, 19 January 2024, being the day the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the company from the NGX,” NGX stated.

  • ‘GSK won’t hike price of pneumonia vaccines for 10 years’

    Pharmaceutical giant GlaxoSmithKline (GSK) will not increase the price of its pneumonia vaccines for the next 10 years.

    The company said it took the decision to ensure that children do not die of the disease.

    Pneumonia is the number one killer disease among chiodren under five.

    According to the International Vaccines Access Centre’s (IVAC’s) preliminary findings launched in Abuja on the World’s Pneumonia Day, marked on November 12, an estimated 750,000 Nigerian children died largely from diseases last year. About 127,000 died of pneumonia.

    The preventable and treatable disease claimed more lives last year compared to malaria, which used to be the number one child-killer disease in the country, last year.

    GSK Medical Director Dr. Lana Odunuga said his organisation has placed a 10-year price freeze on pneumonia drugs as the country graduates from GAVI funds next year.

    This, Odunuga said, is to ensure pneumonia vaccines are available to the people even after donor support is withdrawn.

    He urged the government to be consistent with policies and programmes, stressing that the country was on the right path and there was need to sustain it.

    He said: “I just want to emphasise that we need consistency in our programmes. We have done very well in our policy making; we have done very well in our coordination. So, it is just consistency and once we  are consistent, we will get there. We need to start from somewhere and we are on a journey, we will get there.

    “We are supporting the immunisation programme, we are providing the vaccines that are used for the prevention of pneumonia in children.  And one of the things I highlighted as part of our own support is actually to make sure that even at a time when Nigeria graduates from GaVI fund, which will eventually happened, Nigeria will still be able to access the vaccines as the same price at which they are getting it now. In addition to that we have also tried to make it possible to reduce the cost a child pays for vaccines in Nigeria by one dollar. ”

    He said GSK  is to set up six centres across the country for the distribution of vaccines next year, blaming BokomHaram for the high incidencevof the disease. He stressed that the disruption of infrastructure led to displacement of people.

    NPHCDA Acting Executive Director, Mr. Emmanuel Odu,  noted that the Federal Government, in addressing  pneumonia among children, introduced pentavalent vaccine.

    He urged stakeholders to vaccinate their children against the disease.

    The Emir of Jiwa, Alhaji Musa Idris, who was chairman on the occasion, assured that the traditional leaders would continue to mobilise their subjects towards eradicating pneumonia in rural.

    He stressed, that as traditional rulers, they were committed to enlightening their people

    International Vaccines Access Centre (IVAC) report stated: “Pneumonia is now the leading cause of child deaths in Nigeria, a position previously held by malaria over the years. In 2015, about 17 percent ( 127, 00 deaths) and 10 per cent (75,000) of all under-five deaths, including neonatal deaths were caused by pneumonia and diarrhea.”

  • Shareholders approve GSK Nigeria’s N23b divestment deal

    •To get N716m special dividend

    Shareholders of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc have approved the divestment of the company’s drink business to Suntory Beverage & Food Nigeria Limited in a deal valued at N22.6 billion.

    GSK Nigeria’s drinks business included the two iconic brands-Lucozade and Ribena. The sale included the company’s business of manufacturing, bottling, marketing, distributing and selling of the Ribena and Lucozade brands in Nigeria and all assets attached to or deployed in connection with the business.

    At the extraordinary general meeting in Lagos on Monday, shareholders approved the divestment and empowered the board to pay a special dividend of N716 million to shareholders, representing 60 kobo per share.

    Addressing the shareholders, Chairman, GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc, Mr. Edmund Onuzo, said part of the proceeds of the transaction would also be used in payment of taxes, cost of transaction and inter-company and trading-based debts as well as investments aimed at growing the retained business.

    He said the divestment would enable the company focus on consumer health and ensure it continues to deliver more effective and high quality treatments for healthcare consumers.

    He explained that when in September 2013, GlaxoSmithKline United Kingdom divested Ribena and Lucozade brands to the Suntory Group; GSK Nigeria had secured the rights to continue to manufacture and distribute the products in Nigeria under a 10-year arrangement which ends on August 18, 2023.

    He noted that after August 18, 2023, the rights to manufacture and distribute Lucozade and Ribena in Nigeria will revert to Suntory, and the company will have no further rights to sell these products, thus the opportunity to cash on the non-binding offer from Suntory Beverage and Food Nigeria Limited for the acquisition of the company’s drinks business.

    Following intense negotiations on May 31, 2016, the parties agreed to the terms of the proposed sale of the drinks business to Suntory for a headline price of $79.2 million.

    Suntory Beverage & Food Nigeria Limited is a subsidiary of the Japanese group, Suntory Beverage and Food Limited (SBF), a leading soft drinks company with total sales of £6.6 billion.

    Now, the retained business of GSK Nigeria would be its wellness, oral healthcare, nutrition and pharmaceutical and vaccines businesses. The company has, however, assured that it will remain listed on the Nigerian Stock Exchange (NSE).

    Suntory Beverage has said it plans to acquire companies in Southeast Asia, Middle East, Africa and Latin America to help double sales to 2.0 trillion yen by 2020. The Tokyo-based company derived about 31 per cent of revenue from overseas’ markets in 2012, compared with 25 per cent in 2011.

    After purchasing the global rights to Lucozade and Ribena from GlaxoSmithKline United Kingdom, Suntory plans to use the acquisition to expand in countries where the UK company already operates, such as Nigeria and Malaysia.

    Suntory began trading July 3, 2013 after raising almost $4 billion in Japan’s biggest share sale since Japan Airlines Co’s 663 billion yen initial public offering in September last year. Suntory Beverage, which sells Boss coffee, had bought 51 per cent of PepsiCo Inc (PEP)’s soft-drink business in Vietnam in 2013.

    Parent Suntory Holdings, which sells whiskey and beer, remains unlisted. The beverage group bought France’s Orangina Schweppes Group for 300 billion yen in 2009 and paid 600 million euros in the same year for New Zealand’s Frucor Beverages Group.

    Suntory Holdings had a 20 per cent share of Japan’s non-alcoholic drink market in 2012, the second-biggest after Coca-Cola Co’s 28 per cent, according to Inryosoken, a research company.

     

  • GSK seeks shareholders approval to sell Lucozade, Ribena

    GSK seeks shareholders approval to sell Lucozade, Ribena

    The board of directors of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc has called an extraordinary general meeting of shareholders to seek approval for the disposal of the company’s drinks business to the Japanese group, Suntory Beverage and Food Limited (SBF).

    SBF, a leading soft drinks company with total sales of £6.6 billion, is seeking to buy over GSK Nigeria’s drinks business, which included the two iconic brands-Lucozade and Ribena, through its Nigerian subsidiary Suntory Beverage & Food Nigeria Limited.

    The general meeting, slated for July 4, was sequel to receipt of a binding offer from Suntory Beverage & Food Nigeria Limited by the board of GSK Nigeria.

    According to a regulatory filing submitted yesterday at the Nigerian Stock Exchange (NSE), shareholders would be requested to approve the proposed sale of the company’s business of  manufacturing, bottling, marketing, distributing and selling of the Ribena and Lucozade brands in Nigeria and all assets attached to or deployed in connection with the business to Suntory Beverage & Food Nigeria Limited.

  • GSK declares N965m profit, proposes N356, 761m dividends

    GSK declares N965m profit, proposes N356, 761m dividends

    Despite regulatory headwinds which rendered the economy almost prostrate, GlaxoSmithKline Consumer Nigeria Plc may have heaved a sigh of relief if the consolidated and separate financial statements for the year ended 31 December 2015 is anything to go by.

    Analysis of the statement prepared on behalf of the company by Akintola Williams Deloitte, an independent auditor and duly acknowledged by Edmund Onuzo Board Chairman and Dayanand Thandalam Sriram, its CEO, showed that its gross profit for 2015 was N10, 326, 243 as against N10, 801, 472 for the previous year.

    Revenue from the sale of goods and services for 2015 was N30, 634, 708 a five percent increase to the N30, 521, 127revenue recorded in the previous year.

    The profit before tax was N1,157, 514 and 2014 was N2,752, 216 while the profit for the year due to owners of the parent on 2015, N965, 047, while it was N1, 848, 842 in 2014.

    Besides, the profit after tax for the year end was N965, 047, which is over 50 per cent decrease of the previous year’s N1, 848, 842.

    The profit before tax was N358, 761m, which is 3.8 per cent less than 9per cent of the previous year of N717, 526.

    The cash flows from operating activities for the Group in 2015 was N965, 047, N1, 848, 842 for 2014 and N956, 315 for the company in 2015 and N1, 830, 533 for 2014.

    The group’s revenue for the year from continuing operations excluding investment income

    The segment revenue for the year end was N30, 634, 707, as against N30, 521, 127 for the previous year just as the segment profit was N1, 740, 308, for year end and N3, 536, 129 for 2014.

    The issued and fully paid share capital of the company N478, 350, 595 divided into 956, 701, 190 ordinary shares of 50 kobo

    A total of 512, 635, 649 shares equivalent to 53.6 per cent are held by Nigerian shareholders, while 444, 065, 541 shares equivalent to 46.4 per cent are held by GSK Plc UK through its wholly owned subsidiaries, Setfirst Limited and SmithKlineBeecham Ltd as at 31 December, 2015. The share capital of the company was increased from N480m to N750m by the creation of 540m ordinary shares of 50kobo each to bring the total number of shares to 1.5bn ordinary shares of 50 kobo each.

    The proposed dividend approved for shareholders as at 31 December 2015 was N356,761m as against the N717, 526m

    The proposed dividends for 2015 are to be paid out of the retained pioneer earnings for 2013-2014 at the Annual General Meeting scheduled to hold later this week.

     

  • Shun materialism, GSK tasks Christians

    he Chairman, Executive Board God’s Kingdom Society (GSK), Brother Godwin Ifeacho has called on Christians to shun materialism and remain watchful as the coming of the Lord draws near.

    Ifeacho spoke last Sunday at the one-week long Christian Feast of Tabernacles organised by the church at the St Urhobo Square, Salem City, Warri, Delta State.

    The programme attracted thousands across the country with bible lecture, musical festival, children assembly and Christian possession.

    The high point was when members from Lagos, Oyo, Calabar, Abuja, Kano, Edo, walked from Urhobo town to Sapele to stadium road in Delta state with much fanfare.

    Ifeacho said Christians must not make acquisition of material things their main preoccupation.

    According to him:  “It is the blessings of God that gives true riches which one will enjoy with peace and which most importantly gives one everlasting life in God’s kingdom when fully established by Gods grace. That is what we should seek after.”

    He highlighted the vanity of inordinate and insatiable desire for material things with the erroneous belief that one’s life is secured by abundance.

    “We are not sufficient of ourselves and so we have to acknowledge that it is by the grace of God that our plans, which are according to his will, would bear fruit or be successful,” he stressed.

    He lamented that unbridled quest for materialism has created massive corruption, which is killing the nation.

     

    “Corruption is the single most critical contemporary threat to development, democracy and human security in Nigeria.

    “It is responsible for most of the conflicts that are presented in ethnic and religious terms,” he said.

    He lamented many church leaders cannot teach their adherents to live godly lives, be diligent and to continue in well doing.

    Instead, he said they make people believe that gain is godliness or evidence of blessing from God.

  • GSK empowers pharmacists

    GSK empowers pharmacists

    GSK Consumer Nigeria Plc has demonstrated its strong resolve to fight product counterfeiting and help Nigerians especially at the grassroots with access to original products.

    Speaking at the training programme organised annually in partnership with GSK and  the Pharmacist Council of Nigeria (PCN) to train and improve the practice of Patent Medicine Dealers and Patent Medicine Sellers in Nigeria, the Managing Director, GSK Consumer Nigeria Plc, Mr. Dayanand Thandalam Sriram, said the reason for the programme is to engage with the Pharmacist Council of Nigeria and Lagos State Medicine Dealers Association because they are the ones who interact with the consumers every day.

    According to him, there is a need to constantly get feedback from these Patent medicine dealers and sellers on what is working and the things that require further improvement.

    All GSK products, GSK boss stressed, are backed by research and science hence the more they understand this science the better they can attend to consumer needs adequately.

    Also speaking at the event, President, Lagos State Medicine Dealers Association (LSMDA), Chief Kewiwson Emeka Opara, said it was disheartening to note that people abuse pain-killers and other over the counter drugs.

    “Most people venture into medicine vending just for the profit with no consideration for people’s health. Nigerians don’t care about the risk of consuming counterfeit products. Most times, they don’t care about the harmful or side effects it may have on the patients.”

    According to the Marketing Manager, Wellness, GSK, Mr. Ogbemi Kesiena, “GSK in partnership with the PCN and LSMDA aims to add value to the practice of the Patent Medicine Sellers and vendors in different zones across Nigeria and to also educate them on drugs and medications so that they fully understand the science behind the drugs they administer to consumers.”

  • GSK tackles counterfeit products

    GSK tackles counterfeit products

    GSK Consumer Nigeria Plc has restated commitment to fight products counterfeiting.

    The Managing Director, GSK Consumer Nigeria Plc, Mr. Dayanand Thandalam Sriram gave this charge at the weekend.

    The event was at the GSK Consumer Healthcare Nigeria partnership with the Pharmacist Council of Nigeria (PCN) programme to train and improve the practice of Patent Medicine Dealers and Patent Medicine Sellers in Nigeria.

    According to him, counterfeit products are harmful to the people and should be discouraged.

    Speaking further, the GSK boss said if Nigerians can tackle product counterfeiting, it will reduce the high rate death due to administration of fake medications.

    Also speaking, President, Lagos State Medicine Dealers Association (LSMDA), Chief Kewiwson Emeka Opara, said it was disheartening to note that people abuse pain-killers such as paracetemol, among others.

    While commenting on the proliferation of counterfeit products in the market, Opara lamented that: “Most people venture into medicine vending just for the profit without considering the health of the people. Nigerians don’t care about the risk of consuming counterfeit products. Most times, they don’t care whether it is harmful or can have any side effects on the patients.”

  • GSK posts N30.52b turnover, pays N717.5m dividend

    GSK posts N30.52b turnover, pays N717.5m dividend

    GlaxoSmithKline Consumer Nigeria plc, a subsidiary of GlaxoSmithKline plc, one of the world’s leading research-based pharmaceutical and healthcare companies has declared a N717.5 million dividend for its shareholders for the year-end December 2014.

    In the year under review, the company recorded a turnover of N30.52 billion growing 5per cent over the previous year. Profit before tax at N2.75b and profit after tax at N1.85b declined over the previous year by 36 per cent and 37 per cent respectively while total assets grew from N26.2b to N27.96 during the year 2014.

    Speaking at the 44th AGM of the company held in Lagos, Mr. Edmund Onuzo, Chairman, GSK Nigeria Board of Directors, stated that although the year 2014 was quite challenging, the Company remains committed to ensuring that its shareholders get the best returns on their investments.

    “Despite the decline in profitability, the Board will be recommending a dividend of N717.5million to be paid to shareholders, representing N75k per share, subject to appropriate withholding tax deduction. A bonus issue of one new share for every four existing shares was recommended for approval during this meeting.”

    The shareholders approved the Board’s recommendation. While commending the Board, the shareholders urged them to produce a better performance in 2015.

    “We will continue to deploy appropriate marketing strategies and retool our route to market model to focus more on the different categories of our diverse businesses. Furthermore, the Company is committed to continued investment in commercial and factory operations.”

    Speaking with a cross-section of shareholders, namely: Ayo Ogundeji, Shola Abodunrin, Lazarus Owuka, they lauded the Company’s performance, even as they tasked the Board on the need to seek better ways and means to improve the Company’s fortunes in the coming years.