General News
As St Racheal’s Pharma turn six, some stakeholders in the pharmaceutical manufacturing have proffered solutions to ensuring drug security in the country.
They spoke at an event to mark the 6th Anniversary of St Rachel’s Pharma with the Theme: Manufacturing Renaissance: The panacea for drug security in Nigeria’’, held in Lagos.
Dr Chinyere Almona, Director-General/Chief Executive, Lagos Chamber of Commerce and Industry ( LCCI), who was the Keynote Speaker, spoke on the Nigeria’s manufacturing sector, emphasising its challenges and potential.
According to her, the Nigeria’s manufacturing sector is at a crossroads, facing both formidable challenges and untapped potential.
She said that in spite obstacles which include inflation and supply chain disruptions, the sector is crucial to Nigeria’s economy, with a nominal size of N36.02 trillion ($40.15 billion) in 2023 (NBS).
She said that some manufacturing firms had been forced to cease operations in Nigeria because of economic hardships exacerbated by inability to access forex, loan burdens and regulatory pressures.
She said the pharmaceutical manufacturing subsector also faced such challenges which had led to the closure of firms like GlaxoSmithKline Consumer Nigeria, Procter & Gamble, Equinor, and Sanofi.
To revitalise manufacturing, Almona suggested that key policies including those of infrastructural investment, strengthening of value chain linkages, and tax reforms be prioritized.
Leveraging technology is also vital for industrialisation, she emphasised.
She assured that with determined efforts from both the public and private sectors Nigeria’s manufacturing landscape could undergo“ a transformative resurgence in order to drive economic growth, job creation, and sustainable development’’.
Mr Akinjide Adeosun, a Pharmacist and the CEO of St. RACHEAL’S Pharma, in his keynote address shared insights and perspectives, highlighting the intricate dynamics of the pharmaceutical industry.
He emphasised the importance of recognising and nurturing top talents within the sector, acknowledging the role of visionary leaders in driving excellence and innovation.
Reflecting on St Racheal’s journey, Adeosun, shared some of the challenges encountered along the way in managing a pharma industry, of which included regulatory hurdles, supply chain disruptions, and economic uncertainties.
Adeosun said that shared sense of optimism and determination, need for collective action and collaboration will help in addressing pressing issues facing the manufacturing sector, particularly in the area of drug insecurity.
He also highlighted the critical role of manufacturing in meeting the country’s pharmaceutical needs.
Adeosun called for concerted efforts to encourage local drugs production and enhance supply chain resilience.
He also urged governments to be more supportive and increase investments in the pharma sector, calling for policy reforms and strategic initiatives.
He advocated for grants to achieve pharma renaissance in Nigeria and not long term access loans
According to him, long-term financing mechanisms and regulatory reforms to stimulate growth and foster a conducive business environment were crucial.
“We need to generate more income. We need to export.’’
Adeosun also said there was need to stabilise security to drive food security.
In addition, he highlighted the critical role of innovation in drug research and encouraged tapping into Artificial Intelligence especially in developing “particularised’’ medicines.
On the media’s perspective regarding the manufacturing renaissance in Nigeria, Mr Sunday Ehigator, a Journalist with ThisDay Newspaper, reiterated the critical importance of addressing key challenges facing the pharmaceutical industry.
He highlighted several factors contributing to the rise in drug importation and the subsequent threat to drug security in Nigeria.
Ehigator also said that the devaluation of the Naira and the departure of multinational pharmaceutical companies were primary drivers behind the surge in drugs importation.
He said there was need for increased presence of local pharmaceutical companies to ensure domestic production of essential drugs, hence the need for investment in local pharmaceutical manufacturing.
He urged both public and private stakeholders to prioritise the creation of an enabling environment conducive to business growth within the pharmaceutical sector.
According to him, some of the benefits in having local manufacturing of drugs will include job creation, improved accessibility and affordability of medications, expanded export opportunities, increased internally generated revenue (IGR), the eradication of counterfeit drugs, and ultimately, a boost in life expectancy.
By addressing challenges and implementing strategic reforms, stakeholders can pave the way for a robust and sustainable pharmaceutical industry that serves the needs of both Nigeria and the region, he said.
The Founder of Afon Chains, Mr Adebayo Afon, Pharmacist, who spoke on Wholesale and Retail Pharmacy perceptive, said that African countries must break free from historical patterns of reliance on raw material exports.
He called for a transition toward value-added manufacturing processes, similar to those obtainable in India, the U.S., China, and Taiwan.
The CEO of Health Plus Pharmacy, Mrs Bukky George, shared some insights on the challenges hindering local pharmaceutical manufacturing in Nigeria.
She also called for urgent need for strategic reforms to enhance availability and accessibility of medicines in the country.
She said that pharmacists and healthcare practitioners faced challenges in sourcing essential medications, and this was essentially due to the limited availability of locally manufactured drugs.
George also said there was need to make the environment conducive and policies favorable to promote domestic manufacturing. (NAN)
31st March, 2024.
C.E.
Tags: Dr Chinyere Almona St Racheal’s Pharma
