LBS, others hold study to map pharmaceutical manufacturing value chain in Nigeria
The Lagos Business School Sustainability Centre (LBSSC) and Bloom Public Health, in partnership with the Pharmacists’ Council of Nigeria (PCN), National Institute for Pharmaceutical Research and Development (NIPRD) and PharmaAccess Group, recently held a study to map the pharmaceutical manufacturing value chain in Nigeria.
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The meeting was a hybrid event with speakers and participants at the Lagos Business School and online, the research, titled “Nigeria Pharmaceutical Manufacturing Value Chain Mapping,” was geared towards adding value to the citizenry and the larger African market.
The Director, LBS Sustainability Centre, Dr. Franklin Ngwu, remarked that it was important that Nigerian industries are empowered to deliver value to citizens and the larger African market.
He went further to emphasize that the study would provide evidence-based information and recommendations to drive the much-needed growth in the Nigerian pharmaceutical sector.
According to chief executive officer, Bloom Public Health, Prof. Chimezie Anyakora, the study comes at a critical time in Nigeria when the pharmaceutical sector is going through suppression.
“The pharmaceutical manufacturing ecosystem in Nigeria is constrained by a vicious cycle of poor demand and poor supply, which creates an obstacle to boosting the local manufacture of pharmaceutical products. This study is, therefore, necessary because the pharmaceutical sector is changing, the regulatory landscape is changing, there is an untapped market segment and a need to drive down cost.
“The study is important because we need to bring to the fore the economic importance of investing in the pharmaceutical sector in Nigeria. There is a potential for Nigeria to provide and control over 60 per cent of health products consumed in the Economic Community of West African States (ECOWAS) region, if the manufacturing capacity in the pharmaceutical industry is strengthened.
“The objectives of the study are to identify the value-adding activities required in the sector, identify the main performance points and map the market size of each value-adding activity so as to attract investors.”
He added that: “With a population of 201 million (2019, World Bank), Nigeria is the largest and fastest-growing economy in Africa, with the highest disease burden in the sub-Saharan region. The Nigerian pharmaceutical sector keeps growing at a rate of 9 per cent each year and is expected to reach $4 billion by 2026 (McKinsey).
“There are over 100 pharmaceutical companies alone; some of them have a very advanced current GMP compliance, which grants them the liberty to export their products as well as be the first point of call for donor investment in medicines and medical devices. This growth makes it possible for Nigeria to provide and control over 60 per cent of health products consumed in the ECOWAS region.”
The study launch was well attended by major stakeholders in public and private sectors from the pharmaceutical industry, including representatives from the PCN, Nett Pharmacy Limited, Nigeria Institute of Pharmaceutical Research and Development, Nigeria Natural Medicine Development Agency, PharmaAccess Group, Emzor Pharmaceuticals and many others, who all endorsed the study.
Similarly, director-general, NIPRD,
Dr. Peter Adigwe, lauded the study as a prestigious project that would mark a turning point for the pharmaceutical sector in Africa. He urged everyone to look beyond financial motivations for doing the project.
He said, “We need to look at the big picture. Beyond the Nigerian market, the continental market is worth about $50 billion.”
According to him, if Africa can get the right kind of support and push this to the table, “people would look back on this colloquium today and say this is where the fire was lit.”
Registrar of PCN, Dr. Elijah Mohammed, represented by Dr. Amaka Okafor, director, PCN (Lagos chapter), stated that research was known to be evidence-based and that was why PCN was happy to be a partner in the project.
She added that PCN had the database and was ready to render support, and, with the new pharmaceutical value chain policy from 2021-2025, no strategic plan is identied hence the need for this project.
MTO/TheSun
