Why Swiss Pharma Nigeria shut down – MD — Daily Times Nigeria Press "Enter" to skip to content

Why Swiss Pharma Nigeria shut down – MD

The Managing Director of Swiss Pharma Nigeria Limited, Mr. Gaby El Khoury has explained that the recent closure of the pharmaceutical company was carried out to safeguard the company’s properties and prevent any form of hostility by some of its staff.

In a statement at the weekend, Khoury explained that upon the acquisition of Swiss Pharma Nigeria Limited (swipha) in March 2017, the new management decided to lift the company up to its Group compliance and social policies, corporate governance and benefits for the employees.

However, he said, some of these policies appeared to be unacceptable to some members of staff who preferred to slow down, then to hinder operation and embarked on strike since mid-December 2017, while all efforts to make them have a rethink about a promising future proved abortive, adding that it was to safeguard company properties and prevent any form of hostility the management decided to officially shut-down operations temporarily.

He said that despite the tough economic situation in Nigeria, Biogaran, a subsidiary of Servier (the No. 2 French Pharmaceutical Group) that specializes in generics acquired Swiss Pharma Nigeria Limited (swipha) in March 2017, as part of its expansion plans to other African countries.

Biogaran, he said, believes in Nigeria and the Nigerian people, and wishes to provide through Swipha to all Nigerians access to quality and affordable medicines.

The decision to buy Swipha was taken despite the poor situation of the company which was at the period, short in cash and under threat of closure.

According to him, the new management of Swipha strongly believes in Nigeria and is committed to its economic development and is resilient in its quest to engage modern new ways of working, best in class practices and high-level compliance standards, notwithstanding the financial loses the company may incur during this time.

“It is committed to doing all it takes to ensure that the company maintains and strengthens its position as a leader in the pharmaceutical sector, he added.








Ganiyu Obaaro, with Agency reports

Be First to Comment

Leave a Reply