By Aduragbemi Omiyale
The harsh economy in Nigeria caused by high prices of items amid low purchasing power has made it difficult for Nigerians to afford the basic needs of life, especially drugs to replenish their body system.
As a result, the rate of suicide triggered by depression and others has increased. Also, the number of people falling sick in the country has skyrocketed.
But things may soon change for the better as a pharmaceutical firm, Sterling Biopharma Limited, has introduced a new product called Fejeron Blood Tonic into the Nigerian market to support the country’s about 66.8 per cent economically active population.
Fejeron Blood Tonic contains iron, Vitamin B12 and folic acid, all essential components that help to facilitate adequate blood supply and replenishment to the body with vital vitamins while enabling a strong immune system.
“Fejeron Blood Tonic is the latest proof of our commitment to this mission. Despite its premium quality, Fejeron, at the moment, is one of the most affordable blood tonics you will find in the Nigerian pharma market, and this is deliberate. All Nigerians should be able to take care of themselves,” the chief operating officer of Sterling Biopharma, Mr Adebayo Adepoju, said at the unveiling of the product in Lagos on Thursday, September 15.
He said the drug was formulated due to the nature of stress and fatigue that Nigerians encounter daily, which requires that their physical and mental well-being is well supported to function at its best.
“At Sterling Biopharma, we believe that everyone deserves to be able to buy simple prescription drugs without breaking the bank. This is why from the moment we entered the Nigerian market. With our wide range of products, we have made our intentions clear, and that is to make quality pharmaceutical products affordable for all Nigerians,” he stated.
Since its market introduction, Fejeron has quickly become one of the well-sought-after new brands in the pharmaceutical category. The Product Manager, Olumide Ogunremi, linked the warm embrace of the product to its quality and appeal to the needs of Nigerians.
“The quick acceptance of Fejeron Blood Tonic in Nigeria is not surprising. The enthusiasm to try out the product and the return purchases across the biggest pharmaceutical markets in Nigeria validate the quality of the product and timeliness of its emergence.”
On what makes Fejeron Blood Tonic unique, Mr Ogunremi promised that both the young and old would love the taste of Fejeron, adding that extra effort has also been put into ensuring that the product has fewer chances of causing common side effects like metallic after-taste, staining of the teeth; constipation, diarrhoea, nausea and others.
New Health Reform Bill to Reposition Sector—Osinbajo
By Adedapo Adesanya
Nigeria’s Vice President, Mr Yemi Osinbajo, has disclosed that a new health reform bill to reposition the country’s health sector for improved delivery of set objectives would be in the works soon.
Speaking at the closing of the two-day Presidential Health Reform Committee Retreat in Abuja, he noted that this is pending a full committee report review and a complete policy document appraisal.
“The next steps now are to finalize subcommittee reports for the review of the full committee and produce a full committee report to guide the drafting of the policy document. And then draft a health reform Bill,” Mr Osinbajo stated.
The Vice President then thanked the committee members for their hard work and dedication and reaffirmed the Buhari Administration’s commitment to ensuring that the reform objectives are achieved.
The Vice President emphasized that the federal government’s ongoing efforts to reposition Nigeria’s healthcare delivery system must include collaboration among different levels of government and the private sector to ensure the effective implementation of reforms that will cater to the needs of Nigerians in the 21st century.
It would be recalled that President Muhammadu Buhari had in September 2021, approved the establishment of a Health Sector Reform Committee and appointed the Vice President as Chair of the team, which was officially inaugurated by the VP in January 2022.
The Health Minister, Dr Osagie Ehanire, also a member of the panel, was in attendance at the retreat and also Senator Ibrahim Yahaya Oloriegbe, who is the Chairman of the Senate Committee on Health.
Other members of the committee present at the 2-day retreat included the Emir of Shonga, Haliru Yahaya; DG, Bureau of Public Enterprises (BPE), Mr Alex Okoh; DG, Federal Competition and Consumer Protection Commission (FCCPC), Mr Tunde Irukera; DG, Nigerian Centre for Disease Control (NCDC), Dr Ifedayo Adetifa; Former Coordinator, Presidential Task Force on COVID-19, Dr Sani Aliyu; Lagos State Commissioner of Health, Professor Akin Abayomi; and Lead Coordinator, Presidential Health Reform Committee, Dr Nicholas Audifferen.
Stakeholders Form Coalition Against Counterfeit Pharmaceutical Products
By Dipo Olowookere
Some critical stakeholders in the pharmaceutical industry in Nigeria have come together to form a group aimed at frustrating and subsequently chasing makers of fake and substandard drugs out of business.
The group, known as the Coalition Against Counterfeit Pharmaceutical Products (CACPP), already has the support of the National Agency for Food and Drug Administration and Control (NAFDAC), the major drug manufacturers in the country, distributors, retailers, and others.
At the unveiling of the coalition in Lagos on Monday, the convener of CACPP, Mr Yomi Badejo-Okusanya, who is also the chief executive of CMC Connect, disclosed that the initiative was borne out of the desire to rid the country of counterfeit drugs and save lives of consumers, who take drugs to get better.
“It is borne out of the desire to take a firmer stand against counterfeit pharmaceutical products in Nigeria through engagement and advocacy, with hope to kick off an intense national advocacy campaign against counterfeit pharmaceutical products,” he stated.
He stated that the group has mapped out strategies to achieve these goals, assuring that the coalition was focused and would not be derailed, no matter what.
According to him, CACPP found out that people consume counterfeit pharmaceutical products due to ignorance, poverty, and illiteracy.
While the West Africa Country Manager of Pfizer, Mr Olayinka Subair, agrees with this point, he stressed that, “Counterfeit medicines don’t cure any disease, rather they put patients’ health at risk because of their contents,” noting that fake drugs “ultimately impede the Nigerian healthcare system as lives are lost and medical conditions worsened due to this cankerworm. It is not an individual’s battle; it requires collective effort.”
“Nigerians need to champion the anti-counterfeit cause, especially as regards healthcare. We need to join hands together because there is no shortcut to health. Due process must be followed to get the best results.
“Unlike commodities, fake drugs are life-threatening. This means patients should only buy prescribed medicines from accredited pharmacies and not quacks or roadside vendors,” he stressed.
Also, the Deputy Director of the Federal Task Force on Counterfeit Substandard Regulated Products Investigation and Enforcement at NAFDAC, Mrs Florence Uba, who represented the acting director-general of the agency, assured the group of the full support of the regulatory agency.
However, she emphasised that NAFDAC would not entertain any favouritism as any fake drug maker caught would be severely dealt with, no matter the connection.
In his presentation, the president of the Nigerian Representatives of Overseas Pharmaceutical Manufacturers (NiroPharm), Mr Femi Soremekun, stated that, “In recent years, the fight against counterfeit pharmaceutical products has taken new dimensions due to the global influx of counterfeiting syndicates, it is like a race against time for pharmaceutical companies – the cost to our collective health and economies is enormous.”
“Over the years, pharmaceutical companies have been perplexed as to how best to nip the challenges in the bud. The challenges are overwhelming owing to the sophistication of the activities of counterfeiters.
“Combating counterfeit pharmaceutical products is a herculean task, one that requires strong collaborations between government agencies and key stakeholders because of the impact,” he added.
It was agreed by the stakeholders present at the event yesterday that to combat the illicit trade of counterfeit pharmaceutical products, there is a strong need for collaboration and must look beyond the surface, which is most times in-ward.
Business Post reports that other organisations which threw their full weight behind CACPP include the Pharmaceutical Council of Nigeria (PCN), the Pharmaceutical Society of Nigeria (PSN), and the Pharmaceutical Wholesalers and Distributors Association of Nigeria (PWDAN), among others.
Also, a prominent Nigerian actor and filmmaker, Mr Ayo Badmus, has backed the initiative as its brand ambassador.
Stanbic IBTC Gives Better Conditions for Healthcare Loan
By Aduragbemi Omiyale
Healthcare practitioners intending to get short-term funding support to expand their operations can now do so with better terms from Stanbic IBTC Bank.
The company, which is a subsidiary of Stanbic IBTC Holdings Plc, introduced a package called Healthcare Short-term Loan, which many stakeholders in the health industry have accessed.
In order to make it easier for practitioners to access the credit facility for an improved healthcare sector in the country, the lender has upgraded its short-term loan solution within the healthcare value chain.
This upgrade ensures a flexible repayment period, with an affordable interest rate and zero collateral to enable sector players to access better financing and achieve optimal service delivery.
The healthcare loan, which now offers a longer tenor of 12 months, affordable interest rate and zero collateral, will foster more investment in the sector and enhance strategic relationships to generate new businesses.
Speaking at the Medic West Africa Conference, the Head of Specialized Sectors at Stanbic IBTC Bank, Ms Jane Ike-Okoli, noted that effective collaboration between financial institutions and healthcare organizations is key to advancing Nigeria’s health sector.
She advised financial institutions to be more intentional about complementing the government’s efforts, saying, “Stanbic IBTC has a comprehensive understanding of the healthcare industry and its intricacies. This knowledge inspires us to continue to design innovative yet affordable solutions to boost healthcare businesses across the country.”
According to her, despite Nigeria being Africa’s largest healthcare market, challenges in the health sector include inadequate healthcare infrastructure and insufficient financing.
“Stanbic IBTC is passionate about driving change, hence our partnership with key stakeholders in the healthcare sector to improve access to healthcare finance.
“We achieve this by offering flexible funding options for healthcare businesses and providers and strategically partnering with the players in the healthcare ecosystem,” she said.
“Our healthcare solutions are tailor-made for businesses in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and ultimately grow their healthcare businesses,” Ms Ike-Okoli added.
The Head of Coverage, Commercial Clients at Stanbic IBTC Bank, Mr Babatunde Akindele, also stated that the newly improved healthcare short-term loan is a necessary investment.
“Healthcare is a basic need that everyone should access easily. The pandemic has increased the pressure on the health sector by revealing the urgent need to expand healthcare facilities. Stanbic IBTC has taken yet another step in the right direction to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians,” he said.
The growth of the Nigerian healthcare sector rests on impactful and innovative finance solutions positioned to create a level playing field for businesses to thrive. Stanbic IBTC has said it remains committed to blazing the trail in this regard.
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