–As St Racheal's Pharma Marks 6th Anniversary
Worried by the myriads of obstacles impeding the Nigerian pharmaceutical manufacturing industry from attaining drug security as well as contributing its rightful quota to the Gross Domestic Product of the nation, industry players have drawn the blue print to recovery while advancing the growth of the subsector to an enviable height.
The stakeholders who converged at the 6th Anniversary of St. Racheal’s Pharma at the weekend highlighted the several challenges of Nigerian manufacturers, especially those in the pharma industry, proffering solutions including expansion of financial investment in the industry by the government, holistic review of existing policies, laws and regulations, eradication of multiple taxation, provision of grants to local manufacturers, creation of conducive environment for business, among other things.
Speaking to the theme of the event, “Manufacturing renaissance: The panacea for drug security in Nigeria”, the keynote speaker, Director General, Lagos Chamber of Commerce and Industry, Dr Chinyere Almona said that Nigeria's manufacturing sector is at a crossroads, facing both formidable challenges and untapped potentials. She highlighted some of the bottlenecks of manufacturers that need urgent resolution to include persistent high inflation, multiple taxation, subdued consumer demand, supply chain disruptions, economic hardships exacerbated by loan burdens and regulatory pressures and escalating production costs.
Dr Almona however expressed optimism in the potentials of the manufacturing subsector with an estimated 2 trillion naira nominal size to recover speedily, if the Federal Government and policy makers would be willing to implement the proffered panacea by industry leaders.
To achieve drug security in the country, she said it requires a multifaceted approach which include stakeholders advocate for policy measures that is aimed at stimulating investment, enhancing infrastructure, and fostering a conducive business environment.
“A major initiative is the establishment of the Renewable Infrastructure Development Fund, a comprehensive initiative designed to enhance infrastructure and enhancements across the sector.
“We also need to strengthen the value chain linkages to primary sectors, in particular linkages between the agro-aligned and primary sectors to ensure availability of raw material for manufacturing.
“There's a recent $240 million investment secured by the Federal Government from a Brazilian pharmaceutical for manufacturing of generic pharmaceuticals. It will be welcoming if the Federal Government can distribute this fund evenly, then we'll see that infrastructure will be apparently available, and we will be able to do business normally”, Dr Almona said.
Reflecting on the journey of St Racheal’s Pharma in the last six years, CEO St. Racheal’s Pharma, Pharm. Akinjide Adeosun, reminisced on the challenges encountered along the way, including regulatory hurdles, supply chain disruptions, and economic uncertainties. Amidst these challenges, he said there was a shared sense of optimism and determination to overcome obstacles and drive positive change.
Adeosun seized the opportunity of the event to celebrate achievements and milestones within the pharmaceutical sector. He acknowledged the strides made in advancing cooperative excellence and fostering a culture of innovation and collaboration.
He also called for greater government support and investment in the pharmaceutical sector, emphasizing the need for long-term financing mechanisms and regulatory reforms to stimulate growth and foster a conducive business environment.
Looking ahead, he underscored the importance of collective action and collaboration in addressing pressing issues facing the manufacturing sector, particularly in the realm of drug security.
Highlighting the critical role of manufacturing in meeting the country's pharmaceutical needs, Adeosun called for concerted efforts to bolster local production capabilities and enhance supply chain resilience.
The Founder of Afon Chains, Pharm.Adebayo Afon who spoke on wholesale and retail pharmacy perceptive highlighted the need for African countries to break free from historical patterns of reliance on raw material exports. Instead, he called for a transition towards value-added manufacturing processes, akin to the trajectories observed in India, the United States, China, and Taiwan.
He also noted the need for increased investment to bolster drug security. As the rise in imports of pharmaceutical products persists, particularly in light of recent supply chain challenges, has raised concerns about Nigeria's self-sufficiency in meeting healthcare needs.
In her contribution, CEO of HeathPlus Pharmacy, Pharm. (Mrs) Bukky George, underscored the importance of creating a conducive environment for local manufacturing businesses to thrive, including addressing regulatory bottlenecks and providing support for capacity-building initiatives.
She highlighted the broader issue of Nigeria's over-reliance on imported pharmaceutical products, emphasising the need to reverse this trend by promoting domestic manufacturing.
George noted the significant hurdles faced by pharmacists and healthcare practitioners in sourcing essential medications, particularly due to the limited availability of locally manufactured drugs. George said the scarcity has forced practitioners to navigate cumbersome supply chains, leading to increased stress and logistical challenges in accessing medicines.
