Nigeria’s pharmaceutical industry is projected to expand fivefold to $10 billion over the next five years, driven by a wave of local and foreign investments aimed at boosting local manufacturing, according to the Association of Community Pharmacists of Nigeria (ACPN).
The Association confirmed Wednesday that local pharma manufacturers, including prominent Nigerian investors, are building Active Pharmaceutical Ingredient (API) plants with investment volumes running into tens of millions of dollars, while foreign investors are establishing manufacturing plants.
Ambrose Ezeh, national chairman, ACPN, said the rising investments are reshaping the structure of the sector and enhancing Nigeria’s drug security.
“I can confirm that local pharma manufacturers including prominent Nigerian investors are building API plants in a bid to change the structure of the game as we impose medicines/drug security in Nigeria as well as create a local manufacturing hub in Africa.
“At some point the value of our industry was estimated to be about $2Billion, but with recent investments we would be cruising to an ambitious $10Billion dollar range sector in the next five years”, Ezeh said. He said this in an interview with journalists ahead of the ACPN 44th Annual International Conference in Awka, Anambra State between July 22-27.
According to Ezeh, some of the investments spurring this expansion include Codix healthcare’s recently launched factory for the local manufacture of invitro-diagnostic kits and medical consumables; Emzor’s recently commissioned specialised Cephalosporin plant in its ultra-modern factory; and Indian giants, Jawa Pharm recently inaugurated factory-site for beta-lactam range of anti-infectives.
He noted that these investments could also help Nigeria cushion the impact of foreign aid cuts. “You will recollect the exploits of Fidson Healthcare in the manufacture of anti-retrovirals at a time donor agencies are withdrawing funding that guaranteed free supply of these drugs to Nigerians”, he noted.
The chairman enthused that despite all odds, the Pharma Industry continues to grow with over 150 registered pharma manufacturers including 5 that are WHO certified for Good Manufacturing Practice (GMP), and will continue to be fruitful to contribute significantly to National Gross Domestic Product (GDP).
He assured that the ACPN will partner the local Pharma Industry to attain increased access of drugs and economic viability of the sector.
The chairman, therefore, said government at all levels must support pharma manufacturers through a deliberate special incentive for the pharma industry to facilitate access to equipment, excipients and other materials that are expedient to GMP, while stressing that local manufacture presents opportunities for more jobs, international trade, economic growth and development as well as boosting national security.
“We must make Nigeria benefit maximally from the African Free Trade Continental Area (AFTCA) which is adjudged as one of the largest in the world. When we create the environment for the listed goals, we can easily meet the goals of both the National Drug Policy 2021 and the National Health policy which both priotises the availability, accessibility and affordability of safe and efficacious drugs in our Health System”, he said….
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