Harsh economy crippled down pharmaceutical firms. Most firms closing it operations| Governmend

Top Nigerian pharmacists have alerted that the current economic downturn in the nation is impinging the operations of many pharmaceutical companies and negatively impacting the pharmaceutical sector.

According to the pharmacists, the harsh economic condition has not only crippled the operations of many pharmaceutical firms but has also forced some pharmaceutical companies to shut down operations.

The pharmacists who spoke with PUNCH HealthWise in separate interviews in Lagos called for urgent government intervention to save the pharmaceutical sub-sector of the Nigerian economy from collapse, warning that such a development could put the health of Nigerians in dire straits.

The pharmacy leaders which include the President of the Nigeria Academy of Pharmacy, Prince Julius Adelusi-Adeluyi; the National Chairman of the Association of Industrial Pharmacists of Nigeria, Ken Onuegbu and the Chairman of the Pharmaceutical Wholesalers and Distributors Association of Nigeria, Ernest Okafor, noted that the harsh economy has put the pharmaceutical sector in a precarious situation and made the availability of affordable quality medicines difficult.

The state of the Nigerian economy has been at the front burner of public discourse in recent times with inflation at an all-time high.

According to figures released by the National Bureau of Statistics, Nigeria’s headline inflation rate increased to 19.64 per cent on a year-on-year basis in July, the highest since 2005.

The Statistician-General of the Federation and Chief Executive Officer of NBS, Prince Semiu Adeniran, stated this in the Consumer Price Index for July 2022 released by the bureau last August.

Giving a breakdown of the report in a statement, Adeniran said the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

According to him, it is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.

It could also be recalled that the Association of Professional Bodies of Nigeria recently lamented the astronomical increase in the cost of food in Nigeria, noting that the cost of things is becoming worrisome and that the country is fast degenerating into a land plagued with hunger.

The APBN is the umbrella body of practising professionals in Nigeria. It is made up of lawyers, accountants, architects, bankers as well as other professionals drawn from 32 different disciplines.

The APBN, who stated this during a press briefing in Lagos, said the last few years had seen inflation in Nigeria increase from single digit to 20.52 per cent.

The APBN bemoaned the erosion in the real value of the naira and the skyrocketing prices.

It said the effect on Nigerians was that the masses are struggling to afford basic needs, which now had serious effects on the socio-economic situation in Nigeria.

Speaking with PUNCH HealthWise, Adelusi-Adeluyi, a former minister of health said it’s been tough for pharmacy even though the profession has come a long way in the country.

Adelusi-Adeluyi, who is also a past president of the Nigerian-American Chamber of Commerce said healthcare and pharmacy are going through a difficult time in the country.

“Healthcare and pharmacy are going through a tough time with the health budget below the World Health Organisation recommendation and even the recommendation of Africa’s head of government as agreed years back,” Adelusi-Adeluyi said.

He noted that even though there are now hundreds of pharmaceutical entrepreneurs in the country, the pharmaceutical sector is still finding it tough to play its role of providing quality medicines for Nigerians as a result of problems in the operating environment.

“What the situation calls for now is teamwork. There is more to the pharmacy profession than the pharmacists themselves. If we manage to work together as professionals to surmount our challenges, the pharmacy profession will be better for it.

Also speaking with PUNCH HealthWise, the National Chairman of the Association of Industrial Pharmacists of Nigeria, Ken Onuegbu said the poor state of the Nigerian economy has crippled the operations of many pharmaceutical companies, noting that some pharmaceutical firms have already shut down operations because they are unable to cope.

He noted that the quest to find a solution to the impact of the economy on the pharmaceutical industry prompted NAIP to organise the maiden Biennial Lecture Series themed ‘Dwindling Economy: What’s next for the pharma industry in Nigeria’.

“The poor state of the economy locally and globally has impacted negatively on the pharmaceutical business in the country and has affected the industry.

“It has led to the skyrocketing of the prices of medicines and made life more difficult for Nigerians.

Credit: Punchng