French coy explains why it acquire Swipha Nigeria

French coy explains why it acquire Swipha Nigeria
United Bank for Africa

The No. 2 French Pharmaceutical Group, Biogaran, a subsidiary of Servier that specializes in generics has explained why acquired Swiss Pharma Nigeria Limited (swipha).

The French company in March 2017, as part of its expansion is also planning to extend its business to other African countries.

A statement by the management of the French Pharmaceutical Group, said that Biogaran trusts in Nigeria and Nigerian people, and wishes to provide through Swipha to all Nigerians access to quality and affordable medicines.

In the statement, “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.”

Upon inception, the new management decided to lift the company up to its Group compliance and social policies, corporate governance and benefits for the employees.

Management decided to restructure the organisation to ensure efficiency by removing superfluous staff and eventually align the firm with global best practices.

However, some of these policies appear 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.

To safeguard company properties and prevent any form of hostility the management decided to officially shut-down operations temporarily.

The new management of Swipha however 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.