GlaxoSmithKline Plc (GSK), a British multinational pharmaceutical and biotechnology corporation with the goal to help improve the health of millions of people around the world.
Their subsidiaries in Nigeria has been in existence since 1972 through its predecessor, Beecham Limited. And has since then been one of the largest pharmaceutical distribution company in Africa.
However, on the 3rd of August, 2023, GSK announced their decision to terminate decades-long links to Nigeria, the largest economy in Africa.
According to GSK, it is closing down its subsidiary in Nigeria as part of a “strategic intent” to explore other promising commercial opportunities.
Why Is GSK Closing Down Operations In Nigeria?
GSK is closing down operations in Nigeria because of decreasing business turnovers. In the last years, the economy environment in Nigeria has been a bit unfavorable to the company.
On that same day in 3rd August, 2023, GSK Nigeria released its financial results for the first half of 2023, which showed a nearly 50% decline in sales from N14.8 billion to N7.8 billion from the previous year.
Will GSK Still Be In Nigeria?
No, GSK operations as a company won’t be in Nigeria.
However, their products which includes medications and vaccines will now be done via a third-party company.
What Products Do GSK Make And Distribute?
GSK have a portfolio of healthcare products in pain, digestive health, oral health, and respiratory health. The also produce and distribute vaccines.
Their products ranges from the well known goods like Sensodyn, Macleans, Panadol Extra, Andrews Liver Salt, Panadol Pain and Fever, Voltaren, Panadol Cold & Catarrh, and Otrivin.
They also collaborate with other companies for the distribution of consumer goods like Ribena, and Lucozade.
When Will GSK Close Down Operations In Nigeria?
According to a notice the business sent to the Nigerian Exchange, GSK stated their intent to terminate its distribution agreement in the coming months and to appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products.