Fidson shareholders raise alarm over increasing fake drugs

Shareholders of Fidson Healthcare Plc have raised alarm over the increasing supply and distribution of fake drugs around the country, and urged the Federal Government to intensify eff orts to eradicate the situation.

Th e shareholders at the company’s Annual General Meeting (AGM), in Lagos, also tasked the Board and management of Fidson to enhance its eff orts in reducing the rising unclaimed dividend, even as they approved the N75 million dividend proposed by the Board for the fi nancial year ended December 31, 2016. Th e dividend translates to fi ve kobo per 50 kobo ordinary share held by each shareholder.

Speaking at the AGM, the shareholders expressed dismay on the increase in fake drugs, saying “It is a shame in this country that we have continued to see fake drugs around the country and this act aff ects not just the health of the people, but the performance of genuine local manufacturers like Fidson. It is time for the pharmaceutical fi rms in the country to partner with the federal government to fi ght against this situation by persecuting the smugglers and those who produce fake products without approval from regulatory authorities.”

Th e shareholders further enjoined the management of Fidson to be aggressive in its marketing drive saying “there is need to have synergy with the government hospitals around the country to make locally and approved manufactured drugs available in all the hospitals. If government hospitals patronise Fidson products, this will enhance our turnover and profi tability.” Addressing shareholders at the meeting, Chairman, Fidson Healthcare, Mr. Felix Ohiwerei, said the completion of the company’s new factory and concentration of production on one site is important milestone for the company.

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