Innovate to survive economic recession pharmacists told

Pharmaceutical manufacturers have been challenged to be innovative with their prices, products and product promotion to beat ongoing economic recession in Nigeria.

Mr Lekan Asuni, the Chief Executive officer, Lafas Pharmaceuticals, Lagos, gave the charge in a keynote address he delivered at the one-day business meeting of the Nigerian Association of Industrial Pharmacists of Nigeria (NAIP), Oyo State with the theme “Economic Recession and Pharmacy Business-Prospects, Challenges and Way forward”.

Asuni, who remarked that no sector is protected from the economic recession, and as such people’s purchasing power was low, said innovation is key to moving forward.

The industrial pharmacists stated that Nigeria’s pharmaceutical companies’ market had been vulnerable to the recession because it was highly fragmented, capitally intensive, does little manufacturing, and is over dependent on importation.

Asuni, however, remarked that the health sector was traditionally insulated from economic recession because demand is less sensitive to economic trends because people will fall sick and they will want to get well.

However, he said, pharmaceutical companies cannot take this for granted because the prices of products will determine what people will end up buying.

Asuni assured that the industry has been projected to grow at the rate of 11 per cent by 2020 despite the inherent issues within the industry, urging that the pharmaceutical companies seize the opportunity.

He stressed the need to restructure pharmaceutical industry supply chain to avoid over duplication of efforts, increased investment into research and development and reduction on import dependency for production as part of measures to bit recession.

Mr Taofeek Odukoya, Chief Executive Officer, Vanguard Pharmacy limited, Ibadan noted that the economic recession was affording the pharmaceutical industry a time to reinvent itself.

To bit the economic recession, Odukoya suggested that the pharmaceutical industry should rather improve their head room, look out for bad cost rather than just cut cost, regularly carry out performance management and evaluation of its staffers as well as fill up need gaps.

“If we can look closely and fill up the need gaps, it will bring about loyal customers. That will ensure that we get more money from our customers whose income has actually reduced,” he declared.

Earlier, the chairman at the occasion, Dr Lolu Ojo stated that Nigeria’s pharmaceutical industry heavy dependence on importation and scarcity of forex had caused utilisation of pharmaceutical expertise to reduce to below 30 per cent.

The forex, the Central Bank of Nigeria has been pumping into the economy, the former National chairman of NAIP said was yet to have any impact on the functionality of the nation’s pharmaceutical industry.

Chief Executive Officer, Fidson Pharmaceuticals limited, Dr Fidelis Ayabae urged pharmacists to leverage on the opportunities the economic recession had provided by getting more involved in all the pharmaceutical value chain.

He urged pharmacists to impart their world, adding that everybody needs drug to survive.