Pharmaceutical products manufacturer, Intravenous Infusions PLC, has said it will leverage its reputation in the marketplace to expand and promote non-drug areas such as medical consumables and disposables to exploit export market opportunities.
Chairman of Intravenous Infusions, Mr Isaac Osei, who was speaking at the company’s 2021 Annual General Meeting (AGM) in Accra, said diversification is strongly being pursued to broaden the company’s product base.
“Two new products have been introduced into the product mix and a further ten products will be introduced under a contract arrangement with an Indian company” he said.
In preparedness for the upcoming expansion both in products and in facilities, Mr Osei said Intravenous Infusions had obtained approval from the Food and Drugs Authority (FDA) for the construction of a new factory.
He indicated that the new factory drawings are undergoing cGMP review and processes have commenced for the appointment of contractors for the various project activities.
“With a mission to dominate the IV fluids and small volume injectable market in West Africa through the delivery of high quality pharmaceutical products at competitive prices, we can only envisage an aggressive expansion regime” Mr Osei added.
At the end of financial year 2021, the company recorded an increase in revenue of 9.69 percent compared to a reduction of 10.47 percent in 2020.
The performance is gradually reflecting the progressive recovery of economic activities post COVID-19 pandemic.
Equally, the growth in revenue resulted in profit before tax of GH¢1,432,464 compared to GH¢1,362,978 recorded in the year 2020. Retained earnings increased by 8.26 percent and total assets grew by 24.68 percent against the 22.5 percent recorded in 2020.
Intravenous Infusions PLC, since its inception more than four decades ago, has been the single largest producer and supplier of Intravenous fluids (IV fluids) to hospitals and pharmacies across Ghana.
The company considered to be one of Ghana’s good-news stories, is the oldest and most reliable IV fluids producer in the sub region.