CEO Stephen Saad (2000–) Number of employees 6,319 Type Public company | Owner Stephen Saad Founded 1850 | |
Industry Health care, Pharmaceutical industry Key people Stephen Saad (Group Chief Executive) Revenue R12,400,000,000 (FY 2011) Profit R5,600,000,000 (FY 2011) Total assets R26,800,000,000 (FY 2011) Total equity R13,300,000,000 (FY 2011) Stock price APN (JSE) 28,649.00 ZAC +18.00 (+0.06%)24 Feb, 5:00 PM GMT+2 - Disclaimer Headquarters KwaZulu-Natal, South Africa | ||
Aspen pharmacare africa s largest drug company
Aspen Pharmacare Holdings Limited is a multinational South African holding company for pharmaceutical concerns, and the largest drug company in Africa.
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Activity in HIV/AIDS-related medicines
After complaints of anticompetitive activities by Boehringer Ingelheim and GlaxoSmithKline in 2003, Aspen was granted licenses from the companies to create generic versions of antiretrovirals (ARV) for use in the Sub-Saharan portion of Africa. At the time, Aspen was already the largest generic medicine distributor in South Africa. Subsequent inspections by international organizations led to a rapid increase in distribution capabilities, primarily though integration with alliance partners. The company's efforts led to expanded access to affordable treatments for HIV/AIDS.
Price-gouging
Aspen has been criticised for increasing the prices of generic drugs it sells. It was fined for price-gouging in Italy where it paid $5.5m in October 2016 for its behaviour. It has been accused of the same practices, including artificially restricting supply, in the UK, Australia, New Zealand, France and Brazil. In France 3 people died after being given cyclophosphamide, an alternative drug to Alpen's melphalan which had gone up in price. An investigation is currently ongoing.
Similarly, Aspen's busulfan, a treatment for chronic myeloid leukaemia, was bought by the UK's NHS for 21p for 2mg in 2011, rising to £2.61 in 2016, a hike of 1,143%.
The Guardian newspaper has linked this activity to a rise in Aspen's share price. Between 2009 and 2016 it rose more than 650% and GSK sold its shares in Aspen earning about £1.5bn.
Products
The company supplies more than 650 branded medicines, specializing in generics and treatments for HIV/AIDS and tuberculosis.