May & Baker Nigeria Plc, a pharmaceutical company in Nigeria, has unveiled a new product and plans to provide seven more in June.
Speaking at the company’s 2024 customer forum last Tuesday, Patrick Ajah, managing director of May & Baker Nigeria, said the newly introduced MAYSEDYL Expectorant (cough syrup) was carefully prepared to meet the international standard and recommendations of the World Health Organisation
“May & Baker plans to launch at least seven new brands of products before the end of June 2024. Last year was quite challenging. The fluctuating nature of the foreign exchange market, inflation, fuel subsidy removal, and unsteady power supply, among other challenges, contributed to the high cost of production materials,” he said.
He said many pharmaceutical manufacturing companies left, “but by the grace of God, we remained in business”.
“So, I appreciate all our distributors and customers for their steadfast support and we are committed to serving you better going forward.
“In this year 2024, at least, seven new brands of production will be launched. And this occasion of Customer Forum is very significant because this year, May & Baker will be marking its 80th anniversary,” Ajah said.
Obinna Emeribe, head of sales and marketing, said the distributors and customers were an integral part of the company.
While reviewing 2023 business operations, he said the distributors contributed N15.7 billion of the total revenue generated by the company.
He said 2023 was challenging and urged the government to address the power supply challenges, stabilise the foreign exchange market as well as address the rising inflation.
“The effects of subsidy removal accompanied with consistent rising inflation led to the low purchasing power of the citizens,” Emeribe said.
He said the company targets to generate N27 billion in revenue and over N300 million in incentives to be won by distributors.
“The distributors and customers are an integral part of the May & Baker company; they contributed over 88 percent of the revenue generated in 2023 that made us remain in business.
“For 2024, we look forward to more robust business operations as we target N27 billion revenue generation,” he stated.
He said products with high sales velocity, new fast product lines and over N300 million incentives to be won by distributors are parts of the targets in 2024.
“The devaluation of the local currency leads to rising inflation and low purchasing power of the customers as they are unable to buy products because prices skyrocketed out of their reach.”
