Casablanca-based Steripharma, a pharmaceuticals manufacturer, will soon receive a boost from Abraaj Group, a Middle Eastern investment company specializing in growing markets, the Gulf Daily News reported.
In addition to manufacturing, Steripharma handles subcontracting and marketing. With Abraaj’s funding, the company — which distributes products through Morocco’s health ministry — will further develop private sector exports and heighten its presence. According to Gulf Daily News, Steripharma will also soon create a growth model to increase production capacity.
“Pharmaceuticals is amongst the best performing sectors in Africa. The industry has been growing at a steady rate over the past few years and this momentum is expected to continue, in tandem with overall economic growth being witnessed in Africa,” Ahmed Badreldin, Abraaj Group partner and head of MENA said.
“Abraaj’s relevant healthcare and pharma experience, business development expertise and extensive local and global industry relationships will provide Steripharma with both the resources and funds to achieve our long-term growth plans,” Mohamed Amal El Bouri, Steripharma founder and executive chairman added.
“We are pleased to welcome Abraaj to our board, and look forward to working closely together as we enlarge our portfolio of products and expand capacity to hopefully open up exciting opportunities,” he said.
According to the Gulf Daily News, growth has the potential to stem from the creation of reimbursement plans for medical expenses. Although penetration of generic medicine in Morocco is lower than other North African nations, the companies’ partnership strives to also make a bigger business impact in that region and parts of the sub-Saharan.
However, with a strong demand for pharmaceuticals in Morocco, Badreldin added that the financial push from Abraaj will afford Steripharma, “the opportunity to develop high-quality, GMP-level products at an affordable price.”