Nigerian pharmaceuticals eye 70% of local drug market

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Nigerian drug makers are planning to take 70 percent share of the local medicines market, leaving the remaining 30 percent for importers.

They are upgrading their production facilities and strengthening capacities to reverse the trend where 70 percent of the medicines market is controlled by importers while the remaining 30 percent is left for them.

“With strategic collaborations with local and international partners, we can reverse the trend of 70 percent:30 percent ratio of medicine importation against local manufacturing ,” Frank Muonemeh, executive secretary, Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN), said at a press briefing in Lagos at the weekend.

Nigerian manufacturers have invested over N400 billion in the last 20 years in upgrading facilities to acquire the World Health Organisation(WHO)’s prequalification needed for international competition. Fidson Healthcare has pumped between N20 and N25 billion into its facilities in Lagos and Ogun states, said Fidelis Akhagboso Ayebae, founder and chief executive officer, who doubles as chairman of PMG-MAN.

Speaking at the press briefing, Ayebae said though the local pharmaceutical industry is challenged, it is doing its best to stay afloat.

“Nobody can make our lives so bad that we would want to sell,” he said.

He explained that the Nigerian manufacturing sector is the most challenged due to man-made, not-too-good conducive environment in which firms operate.

“Those of us that have the courage to set up manufacturing plants, produce and create jobs are the ones being punished by the system,” he said.

He said rent seekers—including foreign exchange dealers and portfolio investors— benefit more from the Nigeria while manufacturers, who invest directly in the economy, bear the brunt of harsh environment.

On the forthcoming 5th expo tagged ‘Strategic Collaboration for Medicine Security, Affordability and National Sufficiency’, which will take place on … Read More...