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Chinyere Anyanwu
Stakeholders in Nigeria’s pharmaceutical industry have been advised to tread cautiously in their investment strides in 2020 owing to prevailing unfavourable economic climate in the country seemingly worsened by the COVID-19 outbreak.
The year has been predicted by analysts to be a tough business operating year, especially for manufacturers, which will necessitate a trimming of expenditure on growth projects.
The projections were part of the outcomes of this year’s first bi-monthly meeting of the Association of Industrial Pharmacists of Nigeria (NAIP) held in Lagos recently.
The meeting tagged, “2020 Economic Outlook,” which is an annual event of the association, was aimed at x-raying the year and positioning practitioners in the pharmaceutical industry for profitability.
Speaking at the event, the President of Pharmaceutical Society of Nigeria (PSN), Mazi Sam Ohuabunwa, noted the need for the industry to look inward to discover inherent potential for development rather than depending on imported inputs.
Ohuabunwa submitted that, “2020 is going to be a tough year economically for several reasons, so the wisdom is, let everybody in the industry find a way to survive.”
He said, “the economy is calling for greater introspection so what can we do for ourselves?” adding that the industry should seek for ways to meet its needs as the challenges of doing business with external partners, especially China, are becoming enormous.
The PSN president explained: “We need to be more internally focused. The industry should seek how to increase its relevance and be less dependent on imported inputs. Let the industry spend more time developing local inputs to production. We must begin to see how we can be more self-sufficient.
Ohuabunwa urged government intervention in the provision of input for the industry by developing the petrochemical industry which, he said, has been abandoned.
He re-echoed the association’s target of seeing its members settled in industrial pharmaceutical parks for easy access to facilities, listing the benefits to include “power of leverage, power to negotiate, power to support each other and shared facilities,” among others.
Also speaking, Ignatius Anukwu, NAIP National Chairman, who elaborated the association’s moves to establish pharmaceutical parks, assured that the pharmacists body has made considerable progress in that regard.
Anukwu said, “our focus for the past year and moving on is how to establish pharmaceutical parks, which will help us to reduce cost of production, make our products more competitive and increase margin for manufacturers.”
He explained that NAIP has received assurances from the Anambra and Ebonyi states’ governments to partner it on the establishment of industrial parks, in addition to a collaboration with Waltersmith Petroman Oil Ltd, a player in the oil and gas sector of the country, on the same project.
According to him, “the advocacy (for pharmaceutical parks) gained momentum when we got to meet Waltersmith Petroman Oil Ltd. They have oil wells in Imo State and they are already generating energy which they don’t fully consume, and they also have plans to increase their power plant.
“They seem to be very strong players in oil and gas and discussions are already on with them. They are inviting NAIP to collaborate with them since it seems our visions align. We see them as strong private sector players and we as a professional body; it will be a synergy.”
The Managing Partner, Charters & Heights Investment Partners Ltd., Fidelis Okwuagwu, reflecting on the 2020 Economic Outlook, advised businesses, including the pharmaceutical industry, to cautiously embark on business expansion but rather consolidate on existing ones.
He advised: “Just let your businesses grow this year; keep operating because opportunities are coming next year.”
