The award ceremony which was held recently in Cape Town, South Africa on September 13, 2018, recognizes Fidson’s definitive competitive strategy, innovation and strong leadership in the area of Pharmaceutical Production and Distribution in Nigeria., which stoked a growth rate of 84 percent in 2017, cementing its leadership in the Nigerian pharmaceutical market.
The 2018 Frost & Sullivan Award which is a global awards that has been in existence for the past fifteen years brought together top business leaders and innovators to celebrate their success.
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According to Frost & Sullivan Research Analyst Danielle de la Mare, at the forefront of Fidson’s Innovation and competitive strategy is the N7.5 billion state-of-the-art manufacturing plant in Sango Ota, Ogun State, the largest manufacturing facility in West Africa, designed to double the company’s production capacity, enabling it to grow sales volume and meet the rising demand for drugs in Nigeria and broader West African region. the Nigerian pharmaceutical market was estimated to be approximately US$1.3 billion in 2017, with a year-on-year growth of 12 per cent. Fidson’s audited report for the same period shows revenue growth of 50 per cent, from N7.6 billion in 2016 to N14bn in 2017. Fidson grew its gross profit by 50 per cent, from N7.6 billion in 2016 to N14bn to 2017, while its operating profit increased by 84 per cent and operating margin by three per cent.
Frost & Sullivan noted in its statement that the significant competitive advantage of the new Fidson’s factory facility is already evident after only one full calendar year in operation; when the company Fidson’s experienced revenue growth from N7.6 billion ($21 million) in 2016 to N14 billion ($39 million) in 2017.
According to the Chairman, Frost & Sullivan, David Frigstad to achieve excellence in competitive strategy was never an easy task, but it was one made even more difficult considering today’s competitive intensity, customer volatility, and economic uncertainty.
Receiving the award at Cape Town, Soutth Africa, Head, Business Development and Strategy, Mr Oshoke Ayebae appreciated Frost & Sullivan for recognizing Fidson’s contribution through its Innovation and Leadership in the Pharma industry, particularly in the area of quality pharmaceutical products, production and distribution in Nigeria.
“Since inception in 1995, Fidson has relentlessly pursued its goal of becoming a leading player in the Nigerian pharmaceutical landscape and has built an innovative organizational framework that has helped gain dominance in the industry. We have built a structure of Innovation and Excellence around our system, process and people”, he said.
He also noted that the Frost and Sullivan Competitive Strategy Innovation and Leadership Awards is a credible indication that the company is taking steps in the right direction. “As a company, we have left no stone unturned in ensuring that our operations are congruent with the best practice globally, and have recorded several remarkable feats, from one milestone to another. We, therefore, believe that this award will go a long way to boost our corporate reputation and also validate our commitment to deliver excellent quality healthcare solutions to Nigerians”.
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