POSCO Inter achieves 30.1 billion KRW in pharmaceutical business sales in Sudan, Africa

Establishment of Sudan Pharmaceutical Corporation in 1988

[Asia Economy Reporter Oh Gyumin] Posco International, in a joint venture with Shinpung Pharmaceutical, Sudan Pharmaceutical Corporation (GMC, General Medicines Company) announced on the 16th through its recent earnings report that it achieved sales of 30.1 billion KRW and an operating profit of 10.3 billion KRW last year.

From 2020 to last year, the average annual growth rates of sales and operating profit were 36% and 42%, respectively, maintaining a steep growth trend. Approximately 200 million pharmaceutical products were sold last year. The corporation produces and distributes over 100 product lines including capsules, tablets, ointments, and syrups throughout Sudan.

They first entered Africa in 1978 as the first domestic company to do so. The Sudan Pharmaceutical Corporation was established in 1988 with the purpose of contributing to local public health. Shinpung Pharmaceutical, which succeeded in synthesizing a special treatment for Sudanese endemic diseases, invested jointly with a local partner with initial capital of 1.05 million USD (approximately 1.35 billion KRW).

Posco International awarded scholarships to 20 students of the College of Pharmacy in Khartoum, Sudan, on the 14th.
[Photo by Posco International]

At that time, Sudanese people were particularly vulnerable to parasitic infections such as distoma because they used contaminated Nile River water for daily use. In 1994, Sudan Pharmaceutical Corporation produced and distributed ‘Distocide,’ Sudan’s first anti-bloodsucking parasite anthelmintic, as its first pharmaceutical product. This medicine has since become an essential treatment in Sudan for 30 years and is called the ‘national medical drug.’

Currently, the corporation has expanded its product lineup to include antibiotics, malaria treatments, diabetes and hypertension medications, and has established itself as Sudan’s second-largest pharmaceutical company with about 200 employees. Their goal is to become the industry leader within 10 years.

Last year, they invested in building new factories and modernizing existing ones to strengthen competitiveness in the rapidly growing African pharmaceutical market.

In particular, the corporation has not only contributed socially through local business but also carried out various community contributions linked to the pharmaceutical business, including ▲distribution of medicines to remote rural areas ▲financial support for renovation of Khartoum hospital facilities ▲support for water supply facilities at Shejara Industrial High School.

On the 14th, scholarships were awarded to 20 students at Khartoum College of Pharmacy who were at risk of repeating a year due to lack of tuition fees. This is the first case of Khartoum University receiving scholarships from a pharmaceutical company.

At the award ceremony, Ban Yongwoo, CFO of Posco International Sudan Pharmaceutical Corporation, stated, “Our corporation will create a virtuous cycle in Sudan where profits generated through pharmaceuticals are reinvested to support the growth of future talents in the pharmaceutical industry.”

This content was produced with the assistance of AI translation services.