COFIDES is backing Profármaco's expansion into the markets of Guatemala, the Dominican Republic and Panama. It will invest two million euros from its own resources, by means of three co-investment loans to the developer, so as to ensure the supply of medicines in these three Latin American countries. This is COFIDES' first venture in Guatemala.
To meet the demand of its customers in a more efficient and streamlined manner, and to navigate the lengthy transport times and high costs in the region, Profármaco decided to create a safety stock of pharmaceutical products from its Mefasa Farma laboratory.
Despite the economic crisis triggered by COVID-19, the Barcelona-based company performed very well in 2020. Apart from a significant reduction in commercial activity as a result of the mobility restrictions imposed worldwide, its economic and financial situation was not negatively affected in 2021.
José Luis Curbelo, Chairman of COFIDES, said that "this project combines several very important objectives for COFIDES: on the one hand, we are strengthening the position of a company fully committed to Latin America and the Caribbean, a region in which we have extensive experience; and on the other, we are improving safety in the countries concerned by investing in something as important as the supply of medicines at such a difficult time as the one we are going through".
Peggy Vilarrubís, CEO of Profármaco, said that "with COFIDES' support, we will work hard to continue to ensure a steady provision of pharmaceutical products to a deprived population with limited access to innovative and high-quality medicines. Our mission is to provide healthcare solutions that improve the quality of life of patients, with commitment and integrity, operating in a socially and environmentally responsible manner".
CONTRIBUTION TO THE SDGs
This project contributes significantly to the achievement of SDG 8 - Decent work and economic growth - through its firm commitment to local employment. Profármaco provides more than 120 direct jobs in the countries where it invests.
ABOUT PROFÁRMACO
Profármaco (Barcelona, 1990) specialises in the distribution, marketing and promotion of pharmaceuticals, food supplements and cosmetic products from the world's leading manufacturers, with particular links to European laboratories.
In 2005, it launched its own pharmaceutical portfolio under the brand name of Laboratorio Mefasa Farma. Each year, innovative products are added, in different therapeutic areas aimed at improving people's health and quality of life in Central America, Panama and the Dominican Republic.
It operates seven subsidiaries in different Latin American countries and has been active in Latin America since the 1990s. It distributes its goods directly to pharmacies and other local distributors. In 2019, it opened a commercial office in Miami to provide representation services to US laboratories as well.
Among its clients are various pharmaceutical companies including Bayer, Faes Farma, Ferrer, Gebro, GlaxoSmithKline, Merck and Sebapharma.
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