Stephen Saad’s Aspen to pioneer South Africa’s first human insulin production

Aspen Pharmacare, Africa’s largest pharmaceutical company, helmed by South African billionaire Stephen Saad, has inked a groundbreaking agreement with Danish healthcare giant Novo Nordisk to pioneer South Africa’s first-ever production of human insulin.

The move follows Aspen Pharmacare’s recent strategic distribution and promotion alliance with global pharmaceutical titan Eli Lilly Export S.A, aimed at bolstering medical accessibility across South Africa and the broader Sub-Saharan Africa region.

The landmark agreement, set to yield more than 16 million vials of insulin annually, will see Aspen Pharmacare manufacture the critical medication at its state-of-the-art sterile facility located in Gqeberha. This quantity is poised to meet the yearly insulin requirements of one million patients, potentially expanding to over four million patients by 2026.

Aspen has invested a substantial R6 billion ($320 million) to facilitate this significant expansion by constructing advanced facilities and associated technologies. Notably, some of these facilities have previously been employed in the production of COVID-19 vaccines.

In an official statement, the healthcare firm revealed plans to employ approximately 250 individuals for insulin production, concurrently reducing the carbon footprint associated with medication transportation by an impressive 68 percent.

Saad, Aspen’s CEO and one of Africa’s wealthiest individuals, emphasized the importance of this initiative. He stated: “Aspen has a clear objective and focus to capacitate Africa and give quality, affordable access to critical medicines from sites based in Africa that are also capable of exporting to global markets.”

Established in 1997 by Saad, Aspen has steadily expanded its global presence in the pharmaceutical sector, serving the healthcare needs of patients in over 115 countries.

Saad owns 12.5 percent of the company, equivalent to 57,151,972 ordinary shares.

Forbes estimates the bulk of Saad’s $1.2-billion fortune stems from his stake in the pharmaceutical giant.

In response to the collaboration with Novo Nordisk, Aspen’s shares on the Johannesburg Stock Exchange experienced a 12 basis point surge, propelling its market capitalization above $4.1 billion. This solidifies Aspen Pharmacare’s position as one of Africa’s most valuable companies, poised to significantly impact healthcare accessibility across the continent and beyond.