Industry experts are predicting a brighter business outlook for 2025, citing significant improvements in foreign exchange stability and inflation reduction. The positive forecast was shared at the 2025 Economic and Business Environment Forecast and Analysis event hosted by the Society for Pharmaceutical Sales and Marketing of Nigeria (SPSMN) at the Lagos Chamber of Commerce and Industry, Ikeja, Lagos.
The event brought together professionals from investment, marketing and sales sectors to assess the key drivers shaping the pharmaceutical industry in the year ahead. SPSMN President, Pharm. Tunde Oyeniran, opened the event by reinforcing the society’s commitment to enhancing the capacities of its members. He highlighted the society’s core values of hard work and integrity and stressed the importance of continued collaboration with government and corporate organisations. This collaboration, he emphasised, would ensure that pharmaceutical sales and marketing practitioners – who make substantial contributions to the industry – are better equipped for success in 2025.
The event’s Chairman, Mr Ben Chine, founder/CEO of Sales Consult and Co, expressed an optimistic outlook for the coming year. He pointed to key indicators, such as the stability of the country’s foreign exchange rate and a notable increase in internally generated revenue (IGR), as signs that 2025 will be a year of opportunity for the pharmaceutical sector. Chine stressed that these factors lay the foundation for a more conducive business climate, which pharmaceutical sales and marketing professionals can leverage.
However, Chine also cautioned that while the outlook is positive, there is a need for strategic efforts to unlock the full potential of the industry. He emphasised the urgency of addressing the challenges posed by fake drugs, which continue to plague the sector, and the nation’s overreliance on imported medications. Chine also advocated for improved patient education and the development of innovative solutions to navigate regulatory hurdles. He highlighted the growing impact of digital technology on global sales and marketing practices and called for greater investment in digital tools to keep pace with the changing landscape.
Guest speaker, Ms. Adaku Ijara, managing director of Emerging Africa Asset Management Limited, added her voice to the optimistic outlook for 2025. Reflecting on the challenges faced in 2024, she noted that the year had ended with notable economic stability, including the reduction of inflation from 34.8 percent to 24.48 percent, along with a steady expansion of the non-oil sector. These factors, she argued, point to a promising 2025. Ijara urged pharmaceutical sales and marketing professionals to harness the momentum and develop strategies that would allow them to navigate the coming year successfully.
Among the strategies Ijara outlined were the importance of strategic pricing to combat the counterfeit drug issue, as well as the innovative use of digital technology. She also emphasised the value of developing strong business origination strategies and the importance of corporate and personal brand building. Most importantly, Ijara called for a culture of trust and credibility to be embraced across the industry, stressing that these values would be key to building long-term success.
As the event concluded, attendees left with a renewed sense of optimism for 2025, armed with actionable insights and strategies to help them navigate the evolving business environment. With foreign exchange stability, inflation reduction, and the promise of increased innovation, the pharmaceutical sales and marketing sector is poised for a year of growth and opportunity.
On his part, Guest of Honour, Pharm. Seye Agboola, chairman/CEO, Dortemag Ventures Ltd., believes that SPSMN’s commitment to fostering collaboration and professional development within the sector will continue to be a key driver for its members’ success.
The Publisher of Pharmanews, Pharm. Ifeanyi Atueyi and Former National Secretary of the Pharmaceutical Society of Nigeria (PSN), Pharm. Gbenga Falabi received a rousing recognition at the event for their contributions to the Pharmacy profession in Nigeria.
The forecast for 2025 suggests that, with the right strategic focus, it could indeed be a bright year for the industry.
Industry experts are predicting a brighter business outlook for 2025, citing significant improvements in foreign exchange stability and inflation reduction. The positive forecast was shared at the 2025 Economic and Business Environment Forecast and Analysis event hosted by the Society for Pharmaceutical Sales and Marketing of Nigeria (SPSMN) at the Lagos Chamber of Commerce and Industry, Ikeja, Lagos