Tough economy crippling pharma, businesses closing – Pharmacists


High Nigerian pharmacists have warned that the current economic downturn in the country is affecting the operations of many pharmaceutical companies and is having a negative impact on the pharmaceutical sector.

According to the pharmacists, the difficult economic situation has not only crippled the operations of many pharmaceutical companies, but also forced some pharmaceutical companies to close their doors.

Pharmacists who spoke with PUNCH HealthWise in separate talks 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.

Pharmacy leaders including the President of the Nigerian Academy of Pharmacy, Prince Julius Adelusi-Adeluyi; the National President of the Association of Industrial Pharmacists of Nigeria, Ken Onuegbu and the President of the Association of Pharmaceutical Wholesalers and Distributors of Nigeria, Ernest Okafor noted that the difficult economic situation has put the pharmaceutical sector in a difficult position. precarious and has made the availability of affordable quality medicines difficult.

The state of the Nigerian economy has been at the forefront of public discourse lately with inflation at an all-time high.

According to figures released by the National Bureau of Statistics, Nigeria’s headline inflation rate rose to 19.64 percent on an annual basis in July, the highest since 2005.

Federation Statistician General and NBS Chief Executive Prince Semiu Adeniran said so in the July 2022 Consumer Price Index 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 daily living.

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

One might also recall 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 worrying and the country is rapidly degenerating into a land of hunger. .

The APBN is the umbrella body for practicing professionals in Nigeria. It is made up of lawyers, accountants, architects, bankers and other professionals from 32 different disciplines.

The APBN, which stated this at a press briefing in Lagos, said that in recent years inflation in Nigeria has risen by single digits to 20.52%.

The APBN lamented the erosion of the real value of the naira and the surge in prices.

He said the effect on Nigerians was that the masses were struggling to meet basic needs, which was now having serious effects on the socio-economic situation in Nigeria.

Talk with PUNCH HealthWiseAdelusi-Adeluyi, a former health minister, said pharmacy has been tough even though the profession has come a long way in the country.

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

“Health and Pharma are going through a tough time with a health budget below the World Health Organization recommendation and even below the African Head of Government recommendation as agreed years ago,” Adelusi said. -Adeluyi.

He noted that even though there are now hundreds of pharmaceutical entrepreneurs in the country, the pharmaceutical sector is still struggling to play its role of providing quality medicines to Nigerians due to issues in the operating environment.

“What the situation demands now is teamwork. The pharmacy profession is not limited to pharmacists themselves. If we can work together as professionals to overcome our challenges, the pharmacy profession will be better off.

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

He noted that the search for a solution to the impact of the economy on the pharmaceutical industry prompted the NAIP to organize the first series of biennial conferences on the theme “Dwindling Economy: What’s next for the pharma industry in Nigeria “.

“The poor state of the local and global economy has negatively impacted the pharmaceutical business in the country and affected the industry.

“This has caused drug prices to spike and made life more difficult for Nigerians.


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