PHARMACEUTICAL INDUSTRY IS ONE TO WATCH.

The Nigerian Pharmaceutical Industry is experiencing a revival which could turn around the fortune of the drug business which is mainly dominated by Indian and Chinese companies as a result of dependence by Nigerian manufacturers for raw materials. Nigerian pharmaceutical companies now share 65 percent of the West African market, having so far invested N300 billion in machinery and quality upgrade in an effort to end drug importation into the country, estimated at $700 million. Four companies have so far obtained the World Health Organisation (WHO) pre-qualification, while four others are in line to obtain same, in an effort to dig into the local market and remain competitive in the international scene, Evans Medical, Chi Pharmaceuticals, May&Baker and Swiss Pharma have already obtained prequalification. These four companies, alongside four others that are processing the WHO prequalification, have invested $50 million in different levels of upgrade in the last five years, Similarly, ten drug firms have met the requirements of the International Standards Organisation (ISO), which now enables them to raise their competitive capacity in the international market. The companies that have achieved this feat include Afrabchem Limited, Chi Pharmaceuticals, Dana Pharmaceuticals, Drugfield Pharmaceuticals, Emzor Pharmaceuticals, Fidson Healthcare, SKG Pharma Limited, Evans Medical and Swiss Pharma, as well as May &Baker. The world drug market is estimated to hit $1.3 trillion in 2020. Nigerian drug firms have failed to tap into the market over the years, as the country relies mainly on Asia, particularly India, for drugs and raw materials. “Many manufacturers are presently upgrading their factories, while others are looking for partners,” said Bunmi Olaopa, president, West African Pharmaceutical Manufacturers Association and managing director of Evans Medical. “Many more in Nigeria and Ghana are also in the process of acquiring prequalification. So, the issue of low quality of drugs is now over,” Olaopa said. In 2014, trade between the two countries hit $500 million, but much of it went in the favour of India. This may be attributed to the poor capacity of the local manufacturing industry, as well as lack of support to the industry by relevant government agencies. “There is the need to reduce the trade deficit between the two countries,” Bassey Edem, president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said.