Durban-based pharma company said it will invest US$320m at its Port Elizabeth site
Aspen, the pharmaceutical manufacturer based in Durban, South Africa, has announced a R3,4bn (US$233m) capital expenditure investment at its Port Elizabeth manufacturing site.
The company said the investment, deemed South Africa’s single biggest in the pharma sector, is to boost Aspen's sterile anaesthetics manufacture capacity.
The announcement was made following Aspen's participation in the 2018 Investment Conference, held on 25-27 October at the Sandton Convention Centre, in Johannesburg.
The conference, themed “accelerating growth by building partnerships”, aimed to mobilise R1.2 trillion (US$823bn) in new investments over the next five years.
"Aspen welcomes President Ramaphosa’s inaugural Investment Conference, aimed at positioning South Africa as a preferred investment destination and at establishing a more predictable and stable investment environment in our country.
Speaking at the conference, Stavros Nicolaou, Aspen Senior Executive, said: "The President’s commitment to establishing a more predictable, stable investment environment and reducing regulatory burden in key economic sectors, such as the pharmaceutical sector, is very encouraging and supports Aspen’s decision to make this R3,4bn investment in sterile anaesthetics manufacture; a niche, high-tech manufacturing capability that presents both domestic and export opportunities."
Aspen hopes the ongoing investment in Aspen's Port Elizabeth site will transform the company into one of the world’s leading global hubs for anaesthetic products.
Nicolaou added: "Our latest investment undertaking is a clear vote of confidence in the President’s commitment to resolving these hurdles and establishing a more conducive investment climate in the sector, bringing with it the momentum for further pharmaceutical investments.”
Aspen specialises in branded and generic pharmaceuticals. The company offers an extensive basket of products that provide treatment for a broad spectrum of acute and chronic conditions experienced through all stages of life.
The company operates a global footprint with locations in Sub-Saharan Africa, Latin America, China, South East Asia, Europe and the Commonwealth of Independent States, comprising Russia and the former Soviet Republics. It is also present in Australia.
Aspen holds international manufacturing approvals from some of the most stringent global regulatory agencies including the FDA, TGA and EMA. The company's manufacturing capabilities are scalable to demand and cover a wide variety of product-types including oral solid dose, liquids, semi-solids, steriles, biologicals, APIs and infant nutritionals.