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Local Drug Manufacturers Want Lower Interest, Exchange Rates

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Medication Drugs

By Adedapo Adesanya

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) has called on the government to bring down the interest and exchange rates.

The group attributed fluctuations in forex as a major reason for the exit of some pharmaceutical multinationals from Nigeria.

The group at a news conference in Lagos on the forthcoming 7th Edition of the Nigeria Pharma Manufacturers Expo (NPME) from September 4 to 5, 2024, bemoaned the paucity of FX in the country, saying it had negatively affected the local pharmaceutical industry.

Recall that some multinational pharmaceutical companies, including GlaxoSmithKline and Sanofi Nigeria Limited, exited the country within the past year.

The Chairman of the Local Organising Committee (LOC) of NPME 2024, Mr Patrick Ajah, said that for the domestic pharmaceutical industry to progress, a stable exchange rate was essential.

Mr Ajah, a pharmacist and the Managing Director of May & Baker, said that many companies are also on standby for the implementation and take-off of the recently announced Executive Order.

On June 29, President Bola Tinubu signed an Executive Order removing tariffs and Value-Added Tax (VAT) on pharmaceutical imports.

The order introduces zero tariffs, excise duties, and VAT on specialised machinery, equipment and pharmaceutical raw materials to bolster local production of essential healthcare products.

The order has yet to take effect.

“Unless the value of Naira is fixed, achieving the country’s target of 70 per cent in local drug manufacturing will remain a mirage.

“The government will need to do certain things to achieve 70 per cent local drug production.

“The recent fluctuations in the value of the Naira have made it difficult for companies to plan and invest.

“This is one major reason why multinational companies are leaving. It’s not the fear of subsidy removal.

“If we didn’t tamper with the currency, all the multinational companies would be here and they would still be making more investment.

“[However], if somebody brought his money, when they were bringing the money, and all the money from outside by multinational companies will have to go through the banking system.

“I’m telling you because I was involved in it. And when it gets through the banking system, it will be at the official rate.

“So, you brought in money to come and build a facility at the exchange rate of N316, and now you’re going to be remitting the money at N1,500 and something, and you can’t even find the Dollar.

“Many companies will not be able to cope. So fixing our exchange rate is going to be the one single thing that will immediately reset where we are,” he said.

Mr Ajah also called for increased government support for the local pharmaceutical industry.

According to him, with the right support, Nigeria can produce 70 per cent of the medicines it consumes.

He cited India as an example, saying that the country supported its domestic pharmaceutical industry, and today, India is notable for drug manufacturing.

“The Indian government has provided financial and technical assistance to local manufacturers, and has even intervened to secure technology from other countries,” he said.

Mr Ajah asserted that Nigeria had the capacity for local production of diverse drugs but that many companies lacked the financial resources to invest in new facilities or upgrade existing ones.

According to him, the recent devaluation of the Naira worsened the challenge.

He called for a reduction in interest rates, saying that the current rates, which are as high as 30 per cent, present a major barrier to investment in the industry.

On his part, Mr Frank Muonemeh, the Executive Secretary of PMG-MAN, asserted that local pharma manufacturers were currently producing 40 per cent of the medicines used in the country.

He, however, urged for partnerships between governments and local companies, similar to what was being given to other industries such as the cement manufacturing and petroleum industries.

Mr Muonemeh stressed that a strong domestic pharmaceutical industry would strengthen national security.

The 2024 Edition of NPME, the PMG-MAN is themed 40 Years of Advocacy: Fostering Partnership and Innovation to Unlock the Pharma Manufacturing Value Chain in Nigeria, Central & West Africa.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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SpecSMART Eye Clinic Takes Affordable, Quality Care to Ikeja, Environs

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SpecSMART Eye Clinic

By Modupe Gbadeyanka

The dream of residents of Ikeja and its environs enjoying affordable and quality care has now become a reality as a result of the opening of a new branch of SpecSMART Eye Clinic in the Opebi area of the capital of Lagos State.

SpecSMART Eye Clinic, a leading provider of optometry services in Lagos, commenced operations in Nigeria’s commercial capital in 2022.

Since then, it has been offering top-notch eye care to residents of the metropolis, especially those living on the Island. It has built a strong reputation for delivering high-quality primary eye care and optical products.

However, to extend its services to Lagosians living on the Mainland, it has now opened a new branch in Ikeja, reinforcing its commitment to providing accessible, affordable eye care to a wider community.

Business Post gathered that the clinic’s state-of-the-art services are supported by a team of skilled optometrists and opticians, utilizing cutting-edge digital equipment.

The new Ikeja location will offer a wide range of services, including Automated Eye Examinations using advanced digital equipment for precise diagnosis and personalized care.

In addition, clients will enjoy on-the-spot lens glazing for single vision, bifocals, and varifocals, with additional lens coatings, with services to be rendered seven days a week from 9 am to 9 pm on Mondays to Saturdays, and on Sundays and public holidays from 10 am 7 pm.

Also, the clinic has over 950 frames, ranging from affordable home brands to premium designer options, priced from N18,000, and has flexible appointment scheduling with 24-hour online booking via SpecSMART’s website.

The facility has partnerships with leading HMO providers in the country and offers glaucoma management and other essential eye health services.

According to the company, its introductory packages start from N30,000 and include consultation, frame, and single-vision lenses.

“With the opening of our Ikeja branch, we are ready to serve more individuals who need accessible, cost-effective, and reliable eye care.

“Our aim is to create a positive impact in Nigeria’s optometry sector by combining advanced technology with a patient-centred approach,” the Practice Head and Medical Director of SpecSMART, Dr Adaeze Nwoko, stated.

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FG Begins Vaccination Against Mpox in FCT, Six States

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Monkeypox mpox

By Adedapo Adesanya

The Federal Ministry of Health and Social Welfare through the National Primary Health Care Development Agency (NPHCDA) has commenced the vaccination against Monkeypox, now known as Mpox.

Business Post reports that Bayelsa, Rivers, Cross River, Akwa Ibom, Enugu, Benue, and the Federal Capital Territory, were selected as pilot states for the vaccination.

An average of 631 persons are expected to be vaccinated across the seven states with two doses of the Mpox vaccine. A buffer for 50 persons will be kept at the national in case of an upsurge in other states.

NPHCDA in a statement posted on its verified X account confirmed the exercise, stressing that the vaccination will help to protect communities and safeguarding health of the people.

In a related development, according to the latest update by the Nigeria Centre for Disease Control (NCDC), there are 1,442 suspected cases of Mpox from 36 states and the Federal Capital Territory, while the number of confirmed cases of the infection was 118 from 28 states and the FCT.

“To prevent the spread of Mpox, we strongly advise the public to avoid contact with animals that may carry the virus, including sick or dead animals in affected areas, avoid handling materials that have been in contact with infected animals, limit unnecessary physical contact with individuals who are infected, practice frequent handwashing with soap and water, and ensure that animal food products are thoroughly cooked before eating.

“It’s also important to use protective clothing and gloves when handling sick animals or their tissues. Similarly, health workers are advised to follow standard safety protocols including droplet precautions when treating patients, use protective equipment including masks, gloves, and gowns, during patient care, and be vigilant for symptoms of Mpox, especially fever and rash, among other measures.”

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AXA Mansard Health Partners LUTH in Blood Donation Drive

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Axa Mansard

By Aduragbemi Omiyale

Over 250 pints of blood have been donated by AXA Mansard Health to the Lagos University Teaching Hospital (LUTH), Idi Araba.

The blood was donated by more than 100 employees of the leading health insurance company in Nigeria through its volunteering programme tagged AXA Hearts in Action.

The initiative is part of the company’s blood donation drive aimed at contributing to positive societal and environmental impacts through employee volunteering, and expertise related financial support and in-kind donations.

According to the Chief Client Officer of AXA Mansard, Ms Rashidat Adebisi, “Through the AHIA, our employees do not just give time to great causes; we work together for a better future.”

“We share our time, knowledge and expertise as a people with a shared purpose of acting for human progress by protecting what matters through initiatives like this,” she added.

Ms Adebisi said the blood drive is a shining example of the philosophy in action, where collective contributions serve as a reminder that true impact often involves giving more than just money. It’s about putting one’s heart in action – an idea embedded in AXA’s corporate culture.

On his part, the chief executive of AXA Mansard Health Limited, Mr Tope Adeniyi, said with hospitals frequently experiencing blood shortages, events like these serve as a lifeline for patients in need.

“We are proud to contribute to the local healthcare sector and provide much-needed support to hospitals such as LUTH, ensuring that they have resources essential to saving lives,” he added.

Also commenting, the Head of Corporate Services and Public Relations at LUTH, Omolola Olubukunola Fakeye, thanked the firm for the “generous support,” which has made a “meaningful difference to our blood bank and ultimately to the lives of patients.”

“Blood donations are invaluable in many critical treatments, and initiatives like AXA Mansard’s blood drive bring immense relief to healthcare system.

“We are sincerely grateful for this partnership and the dedication of AXA Mansard’s employees,” Fakeye stated.

AXA Hearts in Action operates globally, she urging AXA employees everywhere to engage with and give back to their communities.

Through diverse projects – from health initiatives like this blood drive and medical outreaches to environmental efforts like the AXA Week for Good “Trash-to-Treasure” waste management project – AXA staff have opportunities to make a lasting difference on issues that matter.

For AXA Mansard, every act of social service brings them closer to the communities they serve, helping build a world where giving back is not only about charity but about lasting, positive change.

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