The Association of Industrial Pharmacists of Nigeria has warned that there may be a shortage of necessary pharmaceuticals throughout the country, stating the present economic downturn is the main factor.
The Times reported that the chairman of NAIP, Kenneth Onuegbu, expressed deep concern about the negative effects of the current economic situation on medication production and importation in the country.
He said this while speaking to attendees at the 5th Annual International Conference of the Nigerian Association of Foreign Trained Pharmacists, held at the Sheraton Hotel, Ikeja, Lagos State.
Mr. Kenneth Onuegbu warned that unless the government takes prompt action to address some major pressing problems, pharmaceutical companies may find it increasingly difficult to supply necessary pharmaceuticals. the high price of diesel and the scarcity of foreign exchange.
Outlining the main difficulties the pharmaceutical industry faces, Mr. Onuegbu pleaded for the federal government to step in and foster a supportive climate for producers.
“We have security difficulties, and we haven’t been able to figure out how to get the medication from the place of manufacture to the final consumer.
“Getting access to FX is difficult. We turn to the illicit market since the procedure to obtain the CBN subsidized rate can take a year. You may assume that if we purchase medications at a cost of N1,100, production will inevitably be impacted.”
He stated that if the government really wants pharmaceutical companies to survive in this country, they need to address insecurity, epileptic power supply, forex, and a host of other issues.
The lack of foreign currency and the ensuing naira depreciation are two of the many issues the Nigerian pharmaceutical industry has been dealing with.
The naira’s depreciation has increased drug prices nationwide, according to the Director-General of the National Agency for Food and Drug Administration and Control, Prof. Mojisola Adeyeye.
According to her, “The depreciation of the value of the naira is the fundamental reason for the surge in drug prices. Even before GSK’s anticipated departure from the country, the cost of commodities had generally increased, and the supply of some of the GSK-produced goods had decreased.”
The exit of industry giant GSK Nig can also be attributable to currency market instability.
