• Saturday, March 02, 2024
businessday logo


BusinessDay holds Future of Nigeria Pharma Conference 2021

BusinessDay holds Future of Nigeria Pharma Conference 2021

The maiden edition of the BusinessDay Future of Nigeria Pharma Conference will be held on Tuesday, November 16, 2021, at Lagos/Osun Hall, Transcorp Hilton Hotel, Abuja.
With the theme, “Achieving National Drug Security and Export through Local Contract Manufacturing,”the conference will centre on how Nigeria can grow its pharmaceutical manufacturing industry.

The Future of Nigeria Pharma Conference will bring together c-level executives from the pharmaceutical industry, regulatory agencies, government parastatals, professional associations and research institutions.

Speakers and participants will forge a consensus that will allow improved production synergy between multi-national drug manufacturers operating in Nigeria and their domestic counterparts to raise the shell of contract manufacturing in Nigeria’s total drug production.

According to the National Institute for Pharmaceutical Research and Development (NIPRD), the Nigerian pharmaceutical industry has an average market size of $2 billion. This could witness enhanced growth of upstream production if pharma manufacturers explore the opportunities of contract manufacturing.

The outbreak of the pandemic exposed several vulnerabilities in Nigeria’s pharma sector, giving greater urgency to the debate around raising domestic pharma manufacturing.Some of the justifications that favour local production of drugs higher up the value chain are export stimulation, technology transfer facilitation, and foreign exchange savings.

The heavy investment required for the procurement of equipment for pharmaceutical manufacturing, scarcity of research and development(R&D) talent, supply chain challenges, poor capacity utilisation, weak infrastructure, low-cost imports, inconsistency in government policies, and compliance with regulatory standards are some of the factors that have historically impeded growth in the sector.

Read also: ELOY conference and awards 2021 set to provide platform for women in MSMEs to thrive

The challenges of overdependence on imports for both raw materials and finished pharmaceutical goods were exacerbated by the lockdown imposed by the global pandemic, which resulted in a drug scarcity in the Nigerian market.

According to Pharmaceutical Manufacturing Group, Manufacturers’ Association of Nigeria (PMG-MAN), the over-dependence of Nigeria on imported pharmaceutical products and donor agencies to meet its essential drug needs and proliferation of sub-standard products in circulation is worrisome.

This is especially concerning because Nigeriapossesses the capacity to produce these products locally. To address these challenges, drug manufacturers and relevant agencies are advocating for the strengthening of Nigeria’s regulatory system to improve people’s quality of life.

PMG-MAN has the largest number of pharma manufacturing units among the entire West African region with more than 100 local pharma manufacturing member companies.
The PHARMA Nigeria conference will consist of a fireside chat and3panel discussions. There will be an opening address by a top government official.

Confirmed speakers include Mr. Ade Popoola, CEO, Reals Pharmaceutical, Mrs. Folake Odediran, Country Lead, Sanofi-Aventis Nigeria Ltd., Prof. Mojisola Adeyeye, Director-General (DG), National Agency for Food and Drug Administration and Control (NAFDAC) and Mr. Kunle Oyelana, MD, GlaxoSmithKline (GSK) Plc.

Other distinguished speakers are expected to be confirmed in the coming days.
The Future of Nigeria Pharma Conference, organised by BusinessDay, West Africa’s leading business news media, economic intelligence, and executive insights company, in partnership with the Nigeria Representatives of Overseas Pharmaceutical Manufacturers (NIROPHARM). The event will focus on the dynamics and factors required for the successful implementation of a contract manufacturing policy in Nigeria, particularly in the pharmaceutical sector.

NIROPHARMaccounts for more than half of the global pharmaceutical industry and is dedicated to investing in Nigeria through major foreign capital engagement in the pharmaceutical sector.