Pharmaceutical products manufacturer Intravenous Infusions PLC (IIPLC) has said it is optimistic about 2023, as the company remains focused on its core strategies to increase revenue.
The company’s board chair, Isaac Osei – who was speaking at the 2022 annual general meeting, said: “The IIPLC will continue to leverage on its brand name and reputation to increase significant share in the domestic market, and to maintain focus on export market opportunities and increase product diversification”.
Indeed, the company’s first quarter outturn performance this year, according to Mr. Osei, has offered encouraging signs of general improvement for overall financial performance in 2023.
Though the IIPLC’s revenue declined by 8.98 percent during the 2022 operational year compared to a growth in revenue of 9.69 percent in 2021, the truncation in growth last year was largely attributed to happenings in the economy and external market environment.
However, with the cedi expected to stabilise – coupled with the downward movement of inflation and interest rates as a result of the IMF bailout, Mr. Osei said the best is yet to come for IIPLC.
Mr. Osei expressed gratitude to the company’s customers and regulators, including the FDA, for supporting IIPLC during the difficult year of 2022.
Managing Director-IIPLC, Moukhtar M. Soalihu, said the company will continue its focus on the export market, as IIPLC currently exports to Ivory Coast and others.
“It is noteworthy that almost 15 percent of our 2022 turnover was from the export market – the first time in seven years. This is massive progress, and we are determined to do more,” he said.
Mr. Soalihu emphasised that the company’s aim to diversify its product line is continuously evolving, with a new range of products in the mix.
“Diversification is a strong way to dominate the IV fluids and small-volume injectable market in the sub-region, especially through the delivery of high quality pharmaceutical products at competitive prices.”
