IFC’s Financing to Hikma Pharmaceuticals is Improving Access to High-Quality Generic Medicines
March 19, 2012 – IFC’s more than 20-year relationship with Jordan-based Hikma Pharmaceuticals is improving access to medicines in the Middle East and North Africa region.
IFC’s most recent $110 million debt financing, announced December 2011, will enable Hikma to continue delivering high-quality medicines to people in the region, many of whom lack access to good health care. It will also demonstrate how investments from within the Middle East and North Africa can stimulate economic growth and facilitate the transfer of knowledge and technology across borders.
Hikma Pharmaceuticals was founded in Amman, Jordan in 1978. Since then, it has become the region’s leading pharma company with three main business lines: branded generics, injectables, and generics. Although Hikma has operations on three continents, it remains predominantly a Middle Eastern company with 61 percent of its revenues earned in the region, followed by 28 percent in the United States, and 11 percent in Europe and the rest of the world.
IFC’s loan is supporting Hikma’s ongoing program of capital expenditure and expansion. Said Darwazah, CEO, Hikma, said, “IFC’s latest financing will strengthen Hikma’s ability to do what we do best—bring high quality medicines to the people who need them.”
Lars Thunell, IFC Executive Vice President and CEO said, “Supporting leading companies such as Hikma will not only improve access to high quality affordable medicines across the region, but will also provide much-needed skilled jobs.”
Demonstrating its commitment to quality, Hikma was the first Middle East-based pharma company to obtain a U.S. Food and Drug Administration approval for its manufacturing plants. The company has also made strategic investments outside the MENA region thereby enabling it to transfer more modern technology to the region.
Over the past decade, IFC has invested more than $450 million in life sciences businesses in developing countries. We play a critical role in countries where poor populations are unable to overcome the burden of serious endemic diseases. IFC is ﬁnancing growth opportunities, encouraging local production, investing in innovative research, and building partnerships. Our global leadership helps ensure environmental, social, and ethical stewardship in a changing industry in which emerging economies have become increasingly signiﬁcant players.
Ludi Joseph Sr. Communications Officer, IFC Manufacturing, Agribusiness, and Services Department Phone: 202-473-7700 Email: firstname.lastname@example.org