The Federal Government has been urged by members of the Nigerian Society for Pharmaceutical Sales and Marketing to urgently provide long-term financial support for the pharmaceutical industry in order to prevent its collapse.
The SPSMN members insisted that for the pharmaceutical industry to flourish and for the major players to continue operating, the government needed to provide long-term support.
The significant depreciation of the naira and the unfavorable business climate, according to industry experts, are having a negative impact on the pharmaceutical industry in Nigeria and its profitability.
They claim that as more pharmaceutical businesses fail, things are growing worse rather than better in the industry.
The pharmaceutical business has had a major problem in recent years, which has been connected to the challenging economic environment in the country caused by high rates of inflation, a dearth of foreign money, and excessive loan interest repayment rates.
Industry analysts claim that the substantial depreciation of the naira and the unfriendly business environment are negatively affecting the profitability of Nigeria’s pharmaceutical sector. They contend that rather than things becoming better in the pharmaceutical industry, they are getting worse as more companies fail.
According to Oyeniran, “The government needs a long-term policy to make it possible for us to enter the pharmaceutical industry as primary and secondary manufacturers.” This implies that you should intentionally assist that industry through legislation.
India was the subject of the case. We are where we are today because the Indian government made the decision to assist the pharmaceutical sector more than 25 years ago.
The pharmacist went on, “It takes ten to fifteen years to want to do research.” Currently, you are borrowing money from bankers, who want their money returned in three months.
“The pharmaceutical business needs sustained backing, particularly from the government, and this funding needs to be intentional, with a specific sum set out each year. That is an ongoing matter.”
“Anyone who claims that everything will be ready by tomorrow is telling you a falsehood. The raw materials and equipment used in the pharmaceutical business are always imported, which means that their worth is determined by the value of dollars.”
He advocated for the production of tiny machinery in Nigeria for the pharmaceutical industry in order to lessen imports and the effects of currency scarcity.
He went on, “We can also build pharmaceutical parks where the pharmaceutical industry, suppliers, manufacturers, and service providers will all be in one location.”
In order to be relevant in the industry, Oyeniran advised society’s members to embrace technology and teamwork.
“Every medical representative should attempt to leverage technology to be able to lower his cost,” the counselor advised. WhatsApp allows you to establish relationships and get orders. Never fear a crisis—after all, expenses are high everywhere.
Therefore, representatives shouldn’t be scared of a crisis because, as businesspeople, we cannot pass away and, in the event that we do, where would the firm go?
“Reps must prioritize fostering relationships as well. They must also possess the necessary expertise and experience in their field.”
“At last, we have entered survival mode. Things will improve. However, you must wait and survive because you will not succeed after you leave the industry.”
Olanike Kolawole, the Old Mutual Insurance Plc director and keynote speaker, asked the government to work with business to enhance health insurance and lower the amount of money that people must spend out-of-pocket for medical care in the nation.
