Fidson Healthcare Plc has emerged winner of the 2018 Frost & Sullivan – Best Practice award for Competitive Strategy Innovation and Leadership.
The award ceremony, which was held in Cape Town, South Africa, recognises Fidson’s definitive competitive strategy, innovation and strong leadership in the area of Pharmaceutical Production and Distribution in Nigeria.
The 2018 Frost & Sullivan Award, which is a global award that has been in existence for the past 15 years, brought together top business leaders and innovators to celebrate their success.
According to Frost & Sullivan, at the forefront of Fidson’s Innovation and competitive strategy is the 7.5 billion [Naira] 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.
Beyond boosting the local economy and creating more than 300 jobs for skilled and unskilled Nigerians, the new Fidson Healthcare plant is consolidating the company’s extensive manufacturing capabilities, increasing revenue growth, facilitating expansion into a new product category, and ultimately reinforcing the company’s firm position in the Nigerian pharmaceuticals market.
Frost & Sullivan noted in its statement that the significant competitive advantage of the new Fidson’s factory was already evident after only one full calendar year in operation; when the company experienced revenue growth from ₦7.6 billion ($21 million) in 2016 to ₦14 billion ($39 million) in 2017.
Receiving the award at Cape Town, South Africa, Head, Business Development and Strategy, Mr. Oshoke Ayebae appreciated Frost & Sullivan for recognising Fidson’s contribution through its innovation and leadership in the pharmaceutical industry, particularly in the area of quality products, production and distribution in Nigeria.