Magoola’s Dei BioPharma set to start producing medicine in May

Matthias Magoola’s Dei BioPharma Limited Company is set to start producing medicine in May this year after the government resolved to inject $600 million (Shs2.3 trillion).

The Dei group was given Shs77.6 billion last month to undertake immediate interventions and speedup the production of essential drugs such as antimalarials, cardiovascular drugs, diabetes and hypertension.  

While meeting Magoola, the government promised to acquire a stake in the company and release the required money with the second batch expected to be injected in the next financial year.

The initial release of the first batch was to ensure the company is financially stable following the agreement between the government of Uganda and Equity Bank and Dei Group International. The ministers described the partnership as ‘a stitch in time saves nine and talked of a life-saving company that has been going through financial challenges.

In the supplementary budget passed by Parliament last year in December, the company was given Shs77.6 billion as an initial investment in the vaccines which the Minister of Science, Technology and Innovations never disclosed.

Dr. Musenero confirmed the partnership deal and said, “When we are investing, you don’t put in the money at once., so the government after realizing that Magoola had put in a lot of money, had to also come and rescue him from the financial struggles he was in, support him and acquire stake.”

In an interview with Magoola with Eagle Online, he confirmed the government’s acquisition of shares and revealed that the company is now financially stable no matter the misinformation and sabotage from people who have been fighting the project.

Magoola added that the total cost is $1.1 billion and so far, the money invested is $500 million. Money has been invested in infrastructures.

“Dei group has put its money plus Equity bank which put $100 million, Uganda Development Bank put about Shs200 bank and then Uganda government,” Magoola revealed.  

Magoola further said that while in negotiations, the government will get a stake in the company, get Equity Bank in business because this is going to change the way manufacturing of drugs in Uganda and abroad.

The company was launched in July, 2021 by President Museveni and Kenyan Vice President, (the now President, William Ruto and is expected to produce high quality and affordable medicines that will save lives of millions of families across Africa.

The owner has obtained more than 3000 formulations.

“The pharmaceutical is the biggest in the region and is capable of producing MRN medicines with a 400-500kgs granulation process. We thank the government led by the president and we want to assure the public that this is a reality,” Magoola said.

When fully completed, the facility will also produce other biological solutions such as Filgrastim, Erythropoietin and Trastuzumab.

“The facility is very unique and meets the European standards and the world health organization and we anticipate exporting drugs,” Magoola said. Adding, “We intend to employ 95% local people.”