Intravenous Infusions PLC prioritises quality health care with new pricing policy

Intravenous Infusions PLC has indicated that it was working on a new pricing policy aimed at easing the burden on the national purse, while ensuring patients' access to quality healthcare products. 

In line with the new pricing policy, the company's Board Chairman, Isaac Osei, said the company was collaborating with relevant stakeholders to find a balance between affordability and profitability. 

Speaking at the 2023 annual general meeting and stakeholders engagement of the company in Accra, Mr Osei expressed optimism about maintaining profitability despite the current economic challenges, including the cedi depreciation and other factors hindering its operations.

The 2023 annual general meeting was to allow board members and shareholders to engage in discourse to revamp the company.

The company, Mr Osei said, planned to increase revenues and resources through its core strategies.

Dividend approved 

Mr Osei said the company would continue to leverage its brand name and reputation to increase its significant share in the domestic market to maintain focus on export market opportunities and increase product diversification.

“This would help us export to other sub-Saharan African countries such as Nigeria and Burkina Faso to be able to increase liquidity for shareholders.”

He said the company constantly sought ways to improve its corporate governance and pursue engagement with the many diverse stakeholder groups such as the shareholders, policymakers, customers and regulators.

The chairman announced the approval of a Gh¢0.0028 dividend per share following the board's review of the year under review’s financial performance and in consideration of the non-payment of dividends in the past two years, adding that all dividends were to be paid in October.

He commended the company’s customers, auditors, regulators, the Food and Drugs Authority, the Security and Exchange Commission, the Ghana Stock Exchange (GSE) and other business partners for their dedication and support leading to the achievements in the year under review.

Election of directors 

The Managing Director, Moukhtar M. Soalihu noted that the company's indicators were performing well but the cedi depreciation and the National Health Insurance Scheme (NHIS) payments affected their profitability. 

He said the company’s performance in 2023 was good as compared to other previous years.

However, he said the cedi depreciation had affected the company since most of the company’s products were imported, causing an exchange loss of GH¢ 2.1 million. 

“Once the economy is not doing well, it has a general effect on all businesses,”he said.

Mr Soalihu said the company, while waiting for the government's IMF programme, was putting in strategies to help mitigate its problems.

Mr Soalihu said the company was poised to not only be manufacturers but retail the products and make them available at all stores and focus on small volume parenteral products.

He said Ghanaians had invested in the company hence they needed to run it smoothly.

Shareholders urged the board to appoint women and increase liquidity to boost profitability.

The AGM saw the re-election of directors, approval of director's fees and authorisation for the board to negotiate auditor fees.