Fidson bags best practice award
Fidson Healthcare Plc has been declared the winner of the 2018 Frost & Sullivan – Best Practice Award for Competitive Strategy Innovation and Leadership. The Frost & Sullivan Award is a global award that has been in existence for the past 15 years and it brings together top business leaders and innovators to celebrate their successes.
The award, which was held recently in Cape Town, South Africa, recognised Fidson’s definitive competitive strategy, innovation and strong leadership in the area of pharmaceutical production and distribution in Nigeria.
According to Frost & Sullivan, at the forefront of Fidson’s innovation and competitive strategy is the N7.5 billion state-of-the-art manufacturing plant in Sango Ota, Ogun State, the largest manufacturing facility in West Africa, designed to double the company’s production capacity, enabling it to grow sales volume and meet the rising demand for drugs in Nigeria and broader West African region.
Beyond boosting the local economy and creating more than 300 jobs for skilled and unskilled Nigerians, the new Fidson plant is consolidating the company’s extensive manufacturing capabilities, increasing revenue growth, facilitating expansion into a new product category, and ultimately reinforcing the company’s firm position in the Nigerian pharmaceuticals market.
Frost & Sullivan noted in its statement that the significant competitive advantage of the new Fidson’s factory is already evident after only one full calendar year in operation; when the company experienced revenue growth from N7.6 billion in 2016 to N14 billion in 2017.
Chairman, Frost & Sullivan, David Frigstad noted that to achieve excellence in competitive strategy has never been an easy task, and it has been made even more difficult by today’s competitive intensity, customer volatility, and economic uncertainty.
“Within this context, your (Fidson’s) receipt of this award signifies an even greater accomplishment,” Frigstad said.
Receiving the award, Head, Business Development and Strategy, Mr Oshoke Ayebae commended Frost & Sullivan for recognizing Fidson’s contribution through its innovation and leadership in the Nigerian pharma industry.
“Since inception in 1995, Fidson has relentlessly pursued its goal of becoming a leading player in the Nigerian pharmaceutical landscape and has built an innovative organizational framework that has helped gain dominance in the industry. We have built a structure of Innovation and Excellence around our system, process and people,” Ayebae said.
He also noted that the award is a credible indication that the company is taking steps in the right direction assuring that the company will leave no stone unturned in ensuring that its operations are in compliance with the best practice globally
“We, therefore, believe that this award will go a long way to boost our corporate reputation and also validate our commitment to deliver excellent quality healthcare solutions to Nigerians,” Ayebae said.