ACPN partners financial institution to increase access to drugs

On Oct 3, 2024

In a bid to ensure unhindered access to medication, the Association of Community Pharmacists of Nigeria (ACPN) and Moniepoint Inc,, a financial institution, are partnering to empower pharmacists on innovative payment solutions and capital.

According to report, a case study titled “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding” was released on Wednesday.

Mr Ambrose Igwekwama, a Pharmacist and National Chairman of ACPN, while speaking at the event held in Lagos, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.

Igwekwama noted that challenges including poor infrastructural system, power, transportation, regulatory bottlenecks, importation dependency, limited research opportunities have affected the pharmaceutical industry

He emphasised the need to strengthen collaborative efforts with institutions like Moniepoint in order to improve health outcomes across the country.

“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.

“With an average of 480,000 daily footfalls across over 6,000 community pharmacies in Nigeria, the ACPN plays a vital role in Nigeria’s healthcare as front-line workers who promote public health beyond dispensing medications.

Also, Dr Benjamin Olowojebutu, first National Vice-President, Nigerian Medical Association (NMA), harped on the imperative of catering to the health needs of those living in rural and underserved areas across the country.

“Nigeria’s population is more rural than urban, so how do we reduce the rural-urban migration and intra-urban migration which has also become pervasive and how do we reduce uneven development across the country.

” I must commend the leadership of ACPN for collaborating with a forward thinking, thought leading organisation like Moniepoint to produce this insightful report.

“I am confident that this work would help us as Nigerians to see how we can channel research to affect funding for healthcare,” he said.

Didi Uwemakpan, Vice-President, Corporate Affairs, Moniepoint Inc who presented the case study said community pharmacies provides very insightful commentary on critical aspects of running a pharmacy.

Uwemakpan said the study reveals a shift towards digital payments, while exploring challenges around limited access to capital for stocking inventory and expansion, sourcing quality drugs, particularly given the high proportion of imported pharmaceuticals and the prevalence of counterfeit medications.

According to him, some of the major findings from the case study shows that 82 per cent of pharmacies offer additional health services beyond dispensing drugs while only 7.69 per cent of customers prefer to pay pharmacies exclusively with cash.

He added that Lagos had the highest concentration of community pharmacies at 10 per cent while 76 per cent of pharmacies’ expenses go towards stocking goods.

He said the finding revealed that there were no fewer than two million unlicensed pharmacies and patent medicine stores in Nigeria.

Uwemakpan further explained that Moniepoint’s role in supporting pharmacies included deploying its Point of Sale (POS) terminals, which have become the preferred payment method in most Nigerian pharmacies.

“We are pleased to partner with ACPN on this game changing report and Moniepoint’s reason for being is in creating financial happiness and powering dreams.

“Reports like this move us in that direction, enabling us to save lives as a result of a fast, reliable payment system that everyone needs”, he said.

NAN/WUMI