At its annual shareholders’ meeting, which was held virtually, the management said IIL leveraged on its brand and customer loyalty to drive growth despite an increase in domestic competition at the local tender level.
Chairman of the company’s board of directors, Isaac Osei, who addressed the participants, said the year 2019 witnessed some positive development in the operations of the company despite the challenges posed by competition and the general business environment.
He said IIL strengthened its operational efficiencies to support the revenue growth and profit to create value for shareholders and other stakeholders.
He said in order to diversify the company’s product portfolio and increase revenue streams, IIL intensified its ongoing collaboration on product development with the School of Pharmacy at the Kwame Nkrumah University of Science and Technology (KNUST), adding that it is on the verge of adding Paracetamol IV to its list of products after a successful collaboration with the university and the Food and Drugs Authority (FDA).
Mr. Osei further noted that IIL under the government’s stimulus package was able to secure a medium term loan facility of US$3.2m for the procurement of equipment and for the expansion of the factory to house some of the new equipment.
“We believe this investment will increase production capacity and reduce our unit cost of production and improve the Quality Management Systems of the company to ensure full compliance with the FDA directives,” he said.
The board chair noted that COVID-19 pandemic had negatively affected businesses including IIL, adding that the company projects a slowdown in sales as hospitals record reduction in OPD attendance and the postponement of elective surgeries in major health facilities.
He, however, reassured the shareholders of the board’s commitment to the highest principles of corporate governance saying, “We constantly seek ways to improve our corporate governance, pursue engagement with the many diverse stakeholder groups such as shareholders, policymakers, customers’ regulators and the society as a whole. We are convinced these exchanges benefit our company.”
Credit: Daily Guide