Pharmoscar Ltd (FMO-45792)

  • Madagascar
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 13, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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:

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How it works