By Alex C
Boosting bilateral co-operation between Nigeria and other drug manufacturing countries like China and India, analysts believe will boost Nigeria’s quest to become self-sufficiency in drug production.
Pride Magazine’s investigations reveal Nigeria and India signed a Memorandum of Understanding on cooperation in Pharmaceutical Sector in March 2011, with India exports pharmaceutical products, including Active Pharmaceutical Ingredients (API) and fine chemicals to Nigeria standing at $307 million as at March 31, 2012.
Why implementing selected import ban on pharmaceutical drugs may lead to counterfeiting and shortages in medicine supplies, experts believe there is need to encourage joint ventures and technology transfer obligations between local and Indian companies as this will make gradual headway towards improving self-sufficiency in pharmaceutical drugs in Nigeria.
Speaking with Pride Magazine online, Pharm Akintayo Olumide, National President, Pharmaceutical Society of Nigeria (PSN), said the average capacity utilization in Nigeria’s pharmaceutical sector is about 40 percent, with capacity for production of certain categories of medicines (liquid preparations, tablets, capsules, ointments, lotions, creams and ophthalmic preparations) available to meet national demand.
According to Pharm Olumide “Drug manufacturers in Nigeria are up against high production costs as a result of high cost of inputs, high interest rates and unstable demand. The fluctuations in demand are a reflection of prevailing low purchasing power within the population. In the light of this, we believe the government should encourage joint ventures and technology transfer obligations between local and Indian companies. This will make gradual headway towards improving self-sufficiency.”
Explaining India’s contribution to Nigeria pharma sector, Mr. Mahsesh Sachdev, Indian High Commissioner to Nigeria said Indian medicines have traditionally been the largest source of medicines into Nigeria, supplying over a third of the market.
While the surge is not surprising given the trust and faith that Nigerian consumers repose in quality and efficacy of Indian medicines, Sachdev revealed that Indian exports of pharmaceutical products have gone up by 35 percent and 37 percent annually in the last two years.
According to Sachdev, “There are more than 30 Indian pharmaceutical companies located in Lagos alone and engaged in manufacturing and/or importing medicines, API and fine chemicals to Nigeria is worth $307 million in year ending March 31 2012. With the industry growing at 13 percent annually, the turnover is expected to grow five-fold by 2020. While Indian Pharmaceutical industry is famous for generics, it is also making fast inroads into branded products especially in biotechnology”
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