Africa's largest pharmaceutical company Aspen Pharmacare may help ease the growing supply strain on the world's hottest weight loss drug.
Africa's largest pharmaceutical company Aspen Pharmacare may help ease the growing supply strain on the world's hottest weight loss drug.
The Zhitong Finance App learned that Aspen CEO Stephen Saad said in an interview that it will distribute and promote Eli Lilly's best-selling diabetes drug Mounjaro throughout southern Africa. The company has the ability to increase the supply of the world's most popular medicines. He said this could take the form of so-called filling and completing services, packaging drugs for use.
Pharmaceutical companies such as LY.US (LLY.US) and Novo Nordisk (NVO.US) have been using the market's astonishing demand for novel obesity and diabetes drugs to make money. Data shows that patients can lose weight drastically. But without serious supply restrictions, they are likely to sell even more.
Saad said that over time, Aspen has also seen opportunities to produce glucagon-like peptide-1 diabetes drugs and high-dose obesity drugs at major factories in South Africa.
Aspen is already working with global pharmaceutical and biotech companies to develop niche products for emerging markets. Prior to reaching an agreement with Eli Lilly, the company reached a $280 million agreement with Viatris Inc. in August to purchase a range of products, including the erectile dysfunction drug Viagra.
Saad said this will not be at the cost of producing more drugs in Africa, nor will it hinder Aspen's narcotics production line in South Africa. The group had earlier switched its focus from producing generic drugs to producing so-called sterile drugs, including narcotics, to develop higher-value markets.
“We are betting all our bets on the ability to establish these facilities and create active pharmaceutical ingredients around the world,” he said. “If you look at what's really driving Aspen right now, it's filling the production capacity of these sterile facilities — we're at an inflection point in growth.”
Saad said that to achieve the African Union's goal of 60% of vaccines used on the continent being produced locally by 2040, all African manufacturers will need to speed up production. African countries rely on foreign suppliers for more than 90% of their vaccines, most of which are in demand for children's vaccines.
More local production will also create thousands of jobs for pharmacists, biologists and innovators in Africa, he said.