Members of the Society for Pharmaceutical Sales and Marketing of Nigeria have highlighted the urgent need for the Federal Government to address the increasing inflation, as it directly impacts the high cost of medicines in the country.
These professionals emphasized the essential role of the government in reducing inflation to support the growth of Nigeria’s pharmaceutical industry, which heavily relies on imports and foreign exchange. With the inflation rate soaring to 34.19 percent in June 2024, based on data from the National Bureau of Statistics, the stakeholders underscored the critical nature of this issue.
Despite the issuance of an executive order on pharmaceutical products, drug prices persist at elevated levels in Nigeria, primarily due to the influence of the exchange rate, as pointed out by pharmacists.
Furthermore, the stakeholders emphasized that without government intervention and access to loans at favorable interest rates and lenient terms, the local pharmaceutical sector will struggle to expand and lessen Nigeria’s reliance on imported medications.
These sentiments were expressed during the SPSMN 2024 induction ceremony and fellows’ investiture recently held in Lagos.
The event not only included a recognition of excellence in pharmaceutical sales and marketing but also delved into strategies for professionals to navigate and succeed within Nigeria’s challenging business environment.
Speaking on the theme, “Pharmaceutical Sales & Marketing in Nigeria: Professionalism and Thriving in Turbulent Times”, the Keynote Speaker, Dr. George Thorpe, said high inflation destroys people’s lives and businesses.
“Running inflation at 30 percent destroys lives and businesses. If your inflation is running at such a high level; you don’t manage it and you don’t care, it will have an impact on price. Then you are wondering why the exchange rate is going up, there is a connection between the two, he said.
Media Reach Nigeria’s Chairman, Thorpe, urged sales and marketing professionals to adopt innovative strategies and collaborative approaches to thrive despite economic challenges.
He attributed Nigeria’s rising inflation to reckless governance by politicians.
Ade Popoola, Chairman of Reals Pharmaceutical Limited, highlighted the pharmaceutical industry’s struggles with sales and marketing due to high operational costs.
As a pharmacist, Popoola emphasized that economic hardship poses significant challenges for the industry, particularly with the high cost of living. “These are challenging periods and challenging periods need innovative solutions… We must now think outside the box than we used to think to break even.”
Tunde Oyeniran, President of SPSMN, announced the induction of 27 members into honorary and regular fellows categories. Oyeniran also called on the government to ensure Nigeria’s drug security, underscoring the importance of effective action.
The pharmacist said, “Medicines cannot be subjected to beverages and food items. The pharma industry should not be subjected to what we do regularly with everybody. So, if drugs are expensive, it is because we have tied it to the foreign exchange. 80 percent of what we see on the shelves is not manufactured in Nigeria.
“The component of the remaining 20 percent are 80 percent sourced from outside. So the ones they claim to be manufactured in Nigeria, 80 percent of the content is sourced from outside Nigeria.”
He further noted, “So, you could see that strong nexus between price and the foreign exchange. So, there must be a deliberate policy to support and reduce the cost of operation and the cost of raw materials by the government. It is a deliberate thing. So it’s up to them.
“The government needs to have a long-term plan for health and drug security. The government should also look at the pharmaceutical value chain holistically and work with the professionals to address the problems in the sector.”
Oyeniran, Lead Consultant at Ekini White Tulip Consulting Limited, urged the government to provide affordable financing options for the healthcare industry, specifically calling for lower interest rates and fewer stringent conditions to access capital.
“They have funds for education and security, so they can have funds for the healthcare industry where people can take a loan and pay over the next 20 years. Then the interest must be kept at unit, three or four percent and you do it over the next 10 to 15 years.
“We were about the same level with India, They have taken over our market because their government deliberately supports the industry interns by encouraging research and support with equipment”, he said
Tunde Oyeniran, President of SPSMN, emphasized the importance of Nigerians embracing health insurance to alleviate the financial burden of healthcare costs.
He noted that without a successful health insurance scheme, many Nigerians may struggle to access affordable healthcare.
Oyeniran advised pharmacy professionals to adapt and reset their attitudes to remain relevant in the industry amid economic challenges. This involves thinking innovatively and being open to new strategies.
Embracing health insurance is crucial for protecting Nigerians from financial hardship and promoting access to quality healthcare.
He counselled, “They should try to reduce the cost of distribution using technology and connecting to their clients using social media.
“Reduce leakage and focus on building personal relationships.”
