BusinessDay
Nigeria's leading finance and market intelligence news report.

Nigeria’s N45bn pharma industry needs collaborations to drive growth

Nigeria’s pharmaceutical industry estimated to worth N45 billion could see increased development of upstream production if companies consider national and regional collaborations, Osagie Ehanire, Nigeria’s minister of health, said on Thursday.

Speaking at the unveiling of the Intravenous Fluid plant with 3.6 million annual capacities by Med-In Healthcare Limited in Ogun State, the minister urged sector players to make forays into under-explored areas such as active ingredient production.

The country needs to move towards building domestic capacity for critical medical commodities, the minister stated.

Read also: Over 18 million Nigerians suffering from viral hepatitis  Minister

“I believe companies should be focusing on operational resilience, flexibility and deployment of digital and analytic tools and I can assure that the government of Nigeria will ensure the enabling environment for you to thrive and protect your investment,” he said.

According to the Pharmaceutical Manufacturing Group, Manufacturers’ Association of Nigeria (PMG-MAN), Nigeria is responsible for about 60 percent of medicines consumed in the Economic Community of West African States (ECOWAS) by volume, underlining the huge sub-regional market of an estimated 600 million people.

More details soon…

Whatsapp mobile

Get real time updates directly on you device, subscribe now.