The Association of Community Pharmacists of Nigeria (ACPN) has called on the federal government to take immediate action to ensure reliable access to foreign exchange for pharmaceutical companies. The appeal comes in light of the recent departure of GlaxoSmithKline Plc (GSK) from Nigeria, after serving the country for 51 years.
Adewale Oladigbolu, the national chairman of ACPN, stressed the importance of addressing the challenges posed by illiquidity in the foreign exchange market and the depreciation of the naira. He highlighted that these issues have significantly affected the operations of various companies in the sector.
Oladigbolu emphasized that prioritizing the health sector and implementing favorable macroeconomic policies could lead to the growth and sustainability of many companies, contributing positively to the country’s GDP.
The ACPN chairman expressed concern over the repercussions of GSK’s exit, particularly the shift from manufacturing and sales operations to a distributor model. He pointed out that this change might result in a lack of pharmacovigilance, potentially compromising drug safety monitoring.
Furthermore, Oladigbolu raised questions about the profit-oriented nature of the third-party distribution model and its potential impact on drug pricing. He cited examples of significant price increases for essential medicines due to scarcity.
GSK, a renowned global biopharmaceutical company, recently announced its decision to exit Nigeria due to economic pressures, foreign exchange challenges, and rising operational costs. The company plans to transition from self-distribution to a third-party distribution system for its prescription medicines and vaccines.
The departure of GSK, known for producing vital medicines like Panadol and Sensodyne, has raised concerns about the country’s unemployment rate and access to high-quality pharmaceutical products.
This move follows GSK’s earlier decision to cease its commercial operations in Kenya in October 2022, citing similar economic challenges.
The ACPN and industry experts have called for urgent measures to address the issues faced by pharmaceutical companies and ensure the availability of essential medications for Nigerian citizens.
(Source: NAN)
