Novo Nordisk (NYSE:NVO) wants to produce insulin in South Africa along with a partner to treat diabetics across the African continent, it said.
In a statement, the Danish pharmaceutical giant said it will work with Aspen SA Operations and Aspen Pharmacare (JSE:APN) in South Africa to produce 16 million vials next year which could treat 1.1 million people annually.
By 2026, Novo Nordisk (NYSE:NVO) plans to treat 4.1 million people living with type 1 and type 2 diabetes across Africa.
The insulin will be distributed at low-cost to health authorities and non-governmental organisations through government tenders and the company said it will guarantee a ceiling price of $3 per vial.
“We firmly believe that access to quality healthcare is a fundamental human right,” said Katrine DiBona, corporate vice president for Global Public Affairs and Sustainability at Novo Nordisk.
"We are committed to providing affordable human insulin to ensure access to quality treatments for even more people with diabetes in the African continent," she added.
Around 24 million adults currently live with diabetes in Africa and this figure is estimated to increase to 55 million by 2045, it said.