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Business News of Tuesday, 12 February 2013

Source: Daily Graphic

Starwin launches three new products

STARWIN Products Limited, producers of locally manufactured pharmaceutical drugs, has launched three new products unto the Ghanaian market.

Producers of Rapinol, Asmadrin, Milk of Magnesia, Starwin Liver Salt and Paraking syrup among others, the newly launched drugs are Starprovite syrup which is an appetite stimulant and a nutritional supplement, Starcid, used in stopping heart burns, stomach ulcer, anti flatulent and other stomach disturbances and the last being Starcold tablets used in reliefing fever, headache, cold, influenza nasal congestion and other allergic rhinitis.

The Chairman of the Board of Directors of the company, Pastor Mensa Otabil who launched the products in Accra on Wednesday said the new products bore the same quality hallmark of other products by the company.

“Over the years, Starwin have been known to produce and introduce unto the Ghanaian market highly quality products and today’s are no exception”, he said.

Starwin which became a limited liability company in 1993, has its products being subscribed by the National Health Insurance Scheme (NHIS) and according to Pastor mensah Otabil, the launch of the products formed part of the company’s quest of transforming itself into a major player in the pharmaceutical industry in the country.

He took the opportunity to assure stakeholders of the company that the launch of the products formed part of a stratagic plan for growth and sustained profitability with an ultimate goal of boosting shareholders value.

The Managing Director of Starwin, Mr Kwasi Yirenkyi said the company was poised to take on the next 50 years with new innovation and aggression.

He said the growth in demand for pharmaceutical products in the country was estimated at about 10 per cent per annum arising from increase in knowledge and growth in population, gross domestic product and disposable income.

According to him, the government which was a major buyer of pharmaceutical products in the country where over 60 per cent of the population benefitted from the NHIS, these developments presented both challenges and opportunities for the company.

He said brand expansion and portfolio diversification were two main pillars of the company’s medium and long term strategy.

Mr Yirenkyi said the three new products had been carefully formulated to follow the Starwin tradition of quality adding that their efficacies could be fully guaranteed by the company.

He was hopeful that the introduction of the three new products would help drive growth, sustain profitability and stregthen the company’s financial stability.