Pharm. Bankole Aminu Ezebuilo, MD/CEO of Kayhelt Pharma and national vice chairman of the Association of Industrial Pharmacists of Nigeria (NAIP), is a seasoned industrial pharmacist and Fellow of the Pharmaceutical Society of Nigeria. In this exclusive interview with Patrick Iwelunmor and Adebayo Oladejo, Ezebuilo speaks on the pressing issues confronting Nigeria’s pharmaceutical sector — from forex volatility and institutional debt to overregulation and the future of local drug manufacturing. He also discusses the strategic outlook for pharma clusters, the Kayhelt story, and what it will take to make the industry thrive. Excerpts:
Can you give us a brief background on your professional journey?
I have been actively involved in the Pharmaceutical Society of Nigeria (PSN) over the years, serving on several committees and notably chairing the 2019 National Conference in Kaduna. Outside Pharmacy, I’m a Catholic Knight of St. John International. I work closely with my wife, Engr Uzoamaka Ezebuilo, who is also my business partner. Together, we are blessed with four wonderful children.
As NAIP vice chairman, how would you assess the current state of Nigeria’s pharmaceutical industry?
The industry is going through a challenging phase. Like many other sectors, we are grappling with extreme forex volatility, which complicates planning, budgeting, and forecasting. This uncertainty has severely affected the availability and production of essential medicines.
Additionally, the high Monetary Policy Rate (MPR) — with lending rates between 35 and 40 per cent — is unsustainable for pharmaceutical companies. We are also burdened by rising energy costs, communication tariffs, and what I describe as excessive overregulation. Rather than being a safeguard, overregulation has become a roadblock to innovation and operational efficiency.
In what subtle yet significant ways does the pharmaceutical industry contribute to public health that people may overlook?
Many don’t realise that without the pharmaceutical industry, hospitals — whether public or private — simply cannot function. The competence of healthcare providers is largely dependent on the availability and quality of medicines. The pharma industry ensures the ethical distribution, availability, and accessibility of medications, which are the lifeblood of healthcare delivery.
Nigeria still relies heavily on imports. What must be done to attain self-sufficiency in drug production?
At present, Nigeria imports around 70 per cent of its finished pharmaceutical products and produces just 30 per cent locally. Our active pharmaceutical ingredients (APIs), machinery, and even technical expertise are mostly sourced from abroad. To reverse this, we need deliberate government intervention.
This includes providing subsidised forex, granting single-digit interest loans with long moratoriums, and investing in technical schools to build a skilled workforce. We must also review and adapt our regulatory policies to better suit local realities, rather than copy models from more advanced economies.
Additionally, reviving the Drug Revolving Fund (DRF) laws at both federal and state levels will help hospitals become more accountable for drug procurement. One of the biggest drags on local pharma growth is the massive debt owed by public health institutions — this needs urgent attention.
Despite market saturation, Kayhelt Pharma has remained competitive. What strategies have kept the business afloat?
The first is the God factor. Beyond that, it’s about staying true to our vision and operating by our core values: passion, commitment, accountability, quality, and perseverance. These values guide everything we do — from product development to customer service.
You’ve held several leadership roles. What inspires your continued professional service?
I’m deeply passionate about Pharmacy and the role it plays in national development. Pharmacists have a crucial role not just in health outcomes but also in economic growth. Our industry needs visionary leadership to set high standards and build systems that can outlive individual players. Leadership, to me, is service — and service is legacy.
What specific challenges do you face running a healthcare-focused company in Nigeria?
One major challenge is the financial risk we bear. We often supply hospitals and pharmacies on credit, and when payments are delayed or defaulted, it puts serious pressure on our cash flow.
We’ve learned to be very strategic about whom we extend credit to. Another issue is managing our sales and marketing workforce — especially in a society where many young people are drawn to quick wealth. Pharma requires patience, discipline, and long-term thinking, which can be difficult to instill.
Then there’s the “Japa” syndrome — the brain-drain. Skilled workers leaving the country is a real concern. To cope, we’ve embraced IT systems to improve our operations and ensure proper monitoring and evaluation. Once you own your vision, you’ll always find the strength to navigate the obstacles.
What future trends do you see shaping industrial pharmacy in Nigeria?
One of the most promising developments is the growth of pharmaceutical clusters or parks, which are now emerging in places like Ebonyi, Anambra, Enugu, Ilorin, and Gombe. Previously, these clusters were mostly limited to Lagos and Ogun States.
Pharma clusters lower production costs, foster collaboration, and encourage infrastructure sharing. For instance, companies can jointly procure APIs in bulk to reduce costs. This not only improves efficiency but also drives innovation and healthy competition.
Other trends include local manufacturing of APIs and vaccines, as well as increased contract manufacturing opportunities. These are the areas we need to invest in to secure our pharmaceutical future.
What can be done to reduce the rising cost of medicines in Nigeria?
The price of medicines is directly linked to several factors — forex instability, high interest rates, multiple regulatory fees, and general inflationary pressures. If we don’t address these issues as a whole, any attempt to reduce drug prices will be short-lived. A holistic, systems-based approach is required.
The new Presidential Executive Order on pharmaceuticals has generated excitement. What’s your take?
The new Presidential Executive Order is a welcome and timely intervention, especially at a point when the pharmaceutical industry was nearing the brink of collapse. I commend the president for this bold step, as it also reflects that we have a Minister of Health who is responsive and attentive to the industry’s challenges.
However, whether the order alone will significantly reduce the cost of medications remains to be seen.
