Newsfront Online …Telling the Public as it is
Experts in the pharmaceutical industry say the massive devaluation of the naira and the unfriendly business environment are adversely affecting Nigeria’s pharmaceutical sector and its profitability.
According to them, instead of the sector improving, things are getting worse as more pharmaceutical companies keep folding up.
Of late, the pharmaceutical industry has been facing a serious crisis, which has been attributed to the country’s harsh business environment occasioned by the paucity of forex, high inflation rate and high loan interest repayment rate.
Since then, experts have said that there has not been any improvement in the sector even as stakeholders called for the government’s intervention so that things will not degenerate further. Speaking on this, the former Chairman, Association of Industrial Pharmacists of Nigeria, Dr. Lolu Ojo, said the massive devaluation of Nigeria’s currency has brought about high costs of importation and machinery, among others.
Dr. Ojo, who is also a member of the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria, lamented that high prices of imported and locally manufactured products are the sad effects of the continuous devaluation of the naira.
“Devaluation of the naira is taking its toll on the few surviving companies in the country, coupled with high cost of operations, reduced margin and profitability,” Ojo added. “Unfortunately, the government seems to be fixated on the physicians, without a thought on the contribution and importance of other members in the healthcare team,” he lamented.
Apart from the issue of remuneration, Okotie noted that there is no appreciation and job satisfaction in the health sector due the way things are being done currently. “Sadly, the supervising bodies are themselves being manned by those who are doing nothing but reinforcing the menaces,” he alleged.
“This ends up not allowing for the desired collaboration and teamwork which would have yielded better results in the face of the limitations in the sector. This is due to poor funding and a lack of political will to change the narrative in the sector from top-to-bottom.
“Essential medicines are going off the shelves at an unprecedented rate. Companies are folding up due to the unfriendly economy. The exchange rate is at an all-time high. No one is taking responsibility and deliberately taking any action to guarantee medicines security.”
He noted that the government, including the Central Bank of Nigeria, lifted foreign exchange for airlines, but did not consider it important to do the same for the pharmaceutical industry, let alone create an essential medicine bank to mitigate the scarcity of essential drugs. “Only God knows how many have died from not being able to access these medicines due to high prices,” he said.
Solution
Okotie, who is also the Managing Director/Superintendent Pharmacist, Engraced Pharmacy, said the solution to some of the challenges starts with willpower. He said, “Like they say, ‘Where there is a will, there is a way.’ If our leaders will be sincere, and responsible and stop being petty in the management of the people and resources in the sector, it would do a lot. It would give concerned persons some sense of belonging.”
According to him, there is the need to set up an essential medicines bank saddled with the responsibility of monitoring the availability of the commodities, and also to know how the drugs are faring in the international market.
“Today, it is about who has the funds. Even in America, Europe and the rest, some medicines are off the shelves and that is the reason they set up special bodies not only in the presidency and congress but also at the Federal Drugs Agency and others to ensure medicine security for their people.
“You never know who will need a product and where. It is about saving lives. A house divided against itself cannot stand. Every professional group in the sector, especially the physicians, need to do better. “We cannot continue to do the same thing and expect a different result. All must be brought to the table and given their equitable due. We are here to make things better, learning from history and everything else.”
