Nigerian pharmaceutical firm Fidson Healthcare intensifies local drug manufacturing to cut import reliance and costs, reporting a significant revenue and profit surge in 2024
[dropcap]I[/dropcap]n a significant move to reduce Nigeria’s reliance on imported medicines and alleviate the burden of high drug costs, Fidson Healthcare Plc, a leading pharmaceutical company, has announced an intensification of its efforts to strengthen local drug manufacturing and enhance access to affordable, quality healthcare products.
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Marking its 30th anniversary in 2025, Fidson Healthcare revealed in a statement to PUNCH Healthwise that its audited financial results for 2024 showed a robust revenue of N84.2 billion, marking an impressive 59 per cent increase from the previous year.
The company also reported a substantial 60 per cent rise in net profit, reaching N5.78 billion.
According to the statement, this growth underscores Fidson’s unwavering commitment to expanding access to vital, life-saving medicines and significantly contributing to health security both within Nigeria and across the African continent.
The company highlighted that its WHO-compliant manufacturing facility located in Ogun State now boasts an annual production capacity exceeding 120 million bottles of Large Volume Parenterals (LVP).
During a review of the company’s strong performance, the Deputy Managing Director, Mr. Biola Adebayo, emphasized Fidson’s significant investments in bolstering its manufacturing capabilities and scaling up the production of critical medicines, particularly infusions and injectables.
“Since embarking on local production in 2002, the company has maintained a steady growth trajectory, consistently expanding its production capabilities in line with the current Global Manufacturing Practices.” – Mr Biola Adebayo
This strategic move is aimed at directly addressing and reducing Nigeria’s substantial dependence on pharmaceutical imports.
“Since embarking on local production in 2002, the company has maintained a steady growth trajectory, consistently expanding its production capabilities in line with the current Global Manufacturing Practices,” Mr. Adebayo stated.
The statement further highlighted Fidson’s unique position as Nigeria’s sole manufacturer of glass ampoule injectables, which are crucial for emergency medical care in hospitals and the management of various conditions, including infections and chronic illnesses.
Currently, Nigeria imports over 70 per cent of its pharmaceutical needs, a situation that exposes the nation to vulnerabilities such as supply chain disruptions, fluctuations in foreign exchange rates, and potential stockouts of essential medicines.
To bridge this critical gap, Fidson reported investing over N3.7 billion in property, plant, and equipment in 2024, with a clear focus on expanding its manufacturing capacity to align with stringent Good Manufacturing Practices.
Fidson’s extensive product portfolio, encompassing antibiotics, antimalarials, paediatric formulations, and medicines for chronic diseases, plays a vital role in supporting treatment availability across primary, secondary, and tertiary levels of healthcare.
The company’s operational network includes 11 strategically located depots spanning Nigeria’s six geopolitical zones, ensuring efficient last-mile delivery of essential medicines to hospitals, clinics, and pharmacies nationwide.
Mr. Imokha Ayebae, Fidson’s Finance Director, attributed the company’s financial success to a foundation of operational efficiency, prudent financial management, and strong, collaborative relationships with key stakeholders within the Nigerian healthcare landscape.
Demonstrating its commitment to social responsibility, Fidson invested N248 million in Corporate Social Responsibility (CSR) projects in 2024, while also prioritizing the well-being of its over 1,709 employees by investing in a health-conscious workplace environment.
Reflecting confidence in its financial stability and future prospects, Fidson has proposed a significant increase in its dividend payout from ₦0.60 to ₦1.00 per share, amounting to a total dividend distribution of ₦2.29 billion.
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Looking ahead, as Fidson explores opportunities in new markets across Africa, the company affirmed its ongoing commitment to investing in crucial infrastructure, strategic partnerships, and ultimately, improved public health outcomes.
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