Aspen Pharmacare reveals it will make South Africa’s ‘single-biggest pharmaceutical investment’ when it invests 3.4 billion rand into its manufacturing facility in Port Elizabeth. The funds will go towards the production of sterile anaesthetics.
Stavros Nicolaou, an Aspen senior executive, referred to the production of sterile anaesthetics as “a niche, high-tech manufacturing capability that presents both domestic and export opportunities”.
While speaking at South Africa’s inaugural investment conference, where President Cyril Ramaphosa aimed to raise funds as part of his plan to get $100 billion in new investments into South Africa, Nicolaou said Ramaphosa’s drive to create “a more predictable, stable investment environment and reducing regulatory burden in key economic sectors, such as the pharmaceutical sector, is very encouraging”.
Nicolaou revealed that “while Aspen operates manufacturing plants in many geographies, it has chosen South Africa as the location for its largest and most critical manufacturing facilities”.
According to Nicolaou, the company was encouraged by the government’s drive, but noted that a number of regulatory hurdles remained in the pharmaceutical sector. He said “our latest investment undertaking is a clear vote of confidence in the president’s commitment to resolving these hurdles and establishing a more conducive investment climate in the sector, bringing with it the momentum for further pharmaceutical investments”.
The senior executive acknowledged that the investments in its Port Elizabeth site would transform the facility into “one of the world’s leading global hubs for anaesthetic products” and would boost the Eastern Cape economy.