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Business News Mon, 28 Jun 2021

Govt grants US$3.2 million stimulus package to indigenous pharmaceutical firm

• Government has granted a medium-term facility of US$3.2 million to Intravenous Infusions PLC

•The facility is expected to assist the firm to undergo some expansion projects

•The firm is also collaborating with the KNUST-School of Pharmacy on research and product development


Government has granted a medium-term facility of US$3.2 million as a stimulus package to indigenous pharmaceutical products and manufacturing firm, Intravenous Infusions PLC.

The facility, according to the Board Chair of the company, Isaac Osei is expected to assist the firm to undergo some expansion projects.

Making the disclosure while addressing stakeholders at the company’s 5th Annual General Meeting, Isaac Osei disclosed a new plant and machinery has since been procured and delivered to the factory awaiting installation.

“We have also obtained approval from the Food and Drugs Authority for the commencement of the construction of the new factory premises and soon, we’ll start,” the Board Chair revealed.

Managing Director of the indigenous firm, Moukhtar Soalihu on his part expressed gratitude to government for the support to local businesses and assured that the facility granted will be maximized judiciously.

Soalihu further maintained that though the impacts of COVID-19 was not spared on them in the first half of 2020, the indigenous company also recorded some gains for the rest of the year.

The Board Chair further said the company is intensifying an ongoing collaboration with the Kwame Nkrumah University of Science and Technology (KNUST) School of Pharmacy on research and product development.
Source: www.ghanaweb.com