Fr. Simon Lokodo, the industry state minister (second right) joins the Abacus team to celebrate the achievement at Hotel Africana recently
By David Ssempijja
MAKING it possible for Ugandans to access fluid drugs at affordable prices was the determining factor that made pharmaceutical firm, Abacus Parenteral Drugs Limited, standout at the just concluded 2009 Investor of the Year Award.
East Africa’s largest makers of intravenous (through veins) fluids beat 23 companies to win the 2009 top investor’s crown. The Mukono-based firm won in the large firms category because of the uniqueness of its business, the awards judges said.
In 2008, it started making a wide range pharmaceutical drugs in fluid form that were previously imported from countries like India and Europe. This was a turning point in the country’s health care system.
“The health sector can be expensive if it relies on imported facilities. So, we wanted to ensure that even the poor could access quality medicine at affordable prices,” said Ramesh Babu, the managing director.
Fluid drugs are prescribed for patients with ailments like severe trauma, stroke, loss of blood, dehydration, vomiting and general body weaknesses. They also include water for injection, and eye and ear drop.
When Abacus started production, the prices of intravenous drugs reduced drastically on the open market. A 500ml piece of dextrose 5% and Norinal Salive 0.9%, which used to cost sh1,200, costs sh800 today. Rigers Lactate dropped from sh1,500 to sh850. The firm employs 272 people.
The annual investors awards are organised by the Uganda Investment Authority (UIA) and the Government to recognise the contribution of investors to different sectors of the economy.
The 24 companies that contested for the top prize invested over $447m in the country between 2008 and 2009.
Last year’s awards were held under the theme: ‘Competitiveness through science and technology’.
Speaking at the event at Hotel Africana in Kampala, Patrick Bitature, the UIA chairman, underscored the investors role in driving country’s development.
He said about 439 projects, with a planned investment of over $2b (about sh4 trillion) were licensed. “These would create over 51,000 jobs compared to 40,000 in 2008.”
Others winners included like MTN which came second. The telecom firm was awarded for the mobile money transfer service innovation.
Dr. Maggie Kigozi, the investment authority executive director, said MTN invested $97m (sh189b) in the Google SMS and mobile money transfer service. It created 1,277 jobs at different levels and paid sh194b taxes. Orange Telecom won bronze.
Ecobank was the medium-scale category winner and was followed by Nakasero Hospital. Luzira-based firm, Graphic Systems, was third.
Astel Diagnostics, manufacturers of diagnostic kits for human diseases, led the small-scale category. The firm invested $1.3m.
Sarah Kizito, won a special category award for her role in transforming Centenary Park, formerly a den of thieves, into a top leisure and business centre. She was also crowned as the Best Woman Entrepreneur of 2009.
