Quick Facts

Where the impacts of the investment may be experienced.
  • Madagascar
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-04-13
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Opham
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Education and Health

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2018-04-09
Pharmoscar Ltd

Project Description


Opham is a leading pharmaceutical distributor based in Antananarivo, Madagascar, distributing over 4,500 medicines from 75 international drug manufacturers. As the number one pharmaceutical distributor in Madagascar, Opham plays a key role in improving access to affordable, high-quality pharmaceutical products, thereby enhancing the standards and availability of healthcare across the country.


FMO was invited to co-invest in Opham by Adenia Partners, a well-trusted partner. The investment consortium (including FMO and Adenia) will support Opham by replacing the company's retiring top management and by enabling a smooth transition with the newly-hired management. FMO and Adenia will partner with the entering management team to boost Opham's growth and geographical exposure, including in most remote areas of Madagascar. By enhancing Opham's governance, financial structure, reporting, and environmental and social management system, the consortium also intends to elevate the company's processes and operations to best international practices, thereby promoting higher standards in the Malagasy pharmaceutical industry.


FMO considers the opportunity to invest in Opham attractive both from a financial and a developmental perspective. From financial standpoint, Opham is the clear market leader in a growing market. The company has consistently grown faster than the market with a solid profit margin and a healthy balance sheet. From a development standpoint, the investment creates significant impact by addressing the large gap in healthcare provision in Madagascar. With 92 percent of the Malagasy population living on less than US$1.25 per day, Opham's client base qualifies as bottom of the pyramid (defined as people living on less than US$8 per day). Opham intends to fight the black market (well-established in Madagascar) by targeting the mass market with generic drugs to be sold in higher volumes. This strategy should lead to increasing the affordability and accessibility of high-quality generics in Madagascar, particularly for the bottom of the pyramid.

Investment Description
Contact Information

South Africa
+27 11 507 2500



Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.

Bank Documents