BACKGROUND

Mali, a landlocked West African nation, has a population of 11.3 million. Despite improved economic growth, it remains one of the world's poorest countries, with GNP/head of US$ 240  and 64% of the population living below the poverty line.

Political stability, confirmed in 2002 by the election of President Touré, favours economic development and allows Mali to benefit from international investment.


CAMED

CAMED is Mali's third largest pharmaceutical distributor, selling exclusively generic products which, in Mali, account for 50% of the market by volume and 30% by value. The market share of generics should continue to grow in coming years.

The distribution of pharmaceutical products is dominated by two susidiaries of multinational groups base in France. They are approximately 300 to 400 dispensaries in Mali, mainly situated in Bamako.

CAMED sources supplies primarily from within the West African Free Trade Area (WAFTA); but lower cost, higher margin imports from outside the region should continue to rise and should account, in the long term, for 70% of CAMED's purchases.


INVESTMENT

In 2003, I&P acquired 25  % of the SARL capital and granted a 5-year subordinated loan. In 2007, CAMED converted from SARL status into a joint stock company. Its capital was increased from 100 million to 350 million CFA francs. Seventy pharmacists from Mali and one French distributor of pharmaceutical products became shareholders.