Stakeholders have urged the Federal Government to prioritize addressing the challenges faced by local pharmaceutical manufacturers, such as a tough trade and regulatory environment, as it aims to attract foreign investment into the sector.
In a telephone interview, Olumide Akintayo, the former president of the Pharmaceutical Society of Nigeria, emphasized the importance of creating an enabling business environment for the industry to flourish. He stressed that the government’s primary responsibility is to ensure the security and well-being of its citizens and create a conducive environment for businesses, including the pharmaceutical sector.
Akintayo’s remarks came after Jumoke Oduwole, the Federal Minister of Industry, Trade and Investment, revealed in a press interview at the World Economic Forum in Davos that she is working alongside the Minister of Health, Muhammad Pate, to attract a foreign healthcare manufacturer to Nigeria as part of efforts to boost pharmaceutical manufacturing.
While acknowledging the potential benefits of foreign investment, Akintayo emphasized that local manufacturers should not be burdened by excessive tariffs and high operational costs.
Stakeholders agreed that while foreign investment is valuable, addressing the challenges faced by local industries is crucial to ensuring the sustainability of the local pharmaceutical sector.
