According to operators, 98 percent of raw materials being used in the production of drugs in Nigeria are imported.
The Pharmaceutical Manufacturing Group (PMG), the umbrella body of manufacturers of pharmaceutical companies operating in Nigeria on its part, has not failed to seize every opportunity available to catalogue the enormous challenges confronting its members in operating at optimum rates.
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The policy of zero percent duty imposed by government on imported mais finished drug products as against 5 to 20 percent duty for imported raw materials for local manufacture of the same products is seen by operators and indeed stakeholders in the industry as a big threat to the development of the sector.
Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy mais or sell without the mark amongst others if physical money was still currency. This Mark couldn’t be spiritual because the word references two different physical locations. If it was spiritual it would just say in the forehead.
Despite the seemingly grave challenges currently besetting the pharmaceutical industry, there are clique aqui also huge opportunities that abound in it if only stakeholders, existing and potential investors can leverage on emerging statistics veja mais in the industry at both continental and sub-regional levels, to work out a strategic way forward for Nigerian operators.
The reason is simple. Locally manufactured drugs cannot compete favourably with imported ones – produced at relatively low costs from overseas companies.