‘Devaluation, cause of essential drugs scarcity, killing pharmaceutical firms’
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.
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, cause of essential drugs scarcity, killing pharmaceutical firms’
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.
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.
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