Pharmaceutical Investment Will Stimulate Economic Growth – Hill

Investing more in the pharmaceutical industry can have a positive impact on Nigeria’s economy, according to Mr. Jamie Hill, the Managing Director of BtoB Events Limited, the organizers of the Pharma West Africa Exhibition which ended in Lagos last Friday.

Hill believes that with proper investment, Nigeria can increase its capacity to export pharmaceutical products, which could lead to a boost in the value of the Naira and stimulate economic growth.

He highlighted Nigeria’s large population as a significant market for pharmaceutical products, suggesting that attracting foreign investment, under proper regulation, could help meet the demand for drugs not only in Nigeria but also across West Africa.

He praised the National Agency for Food, Drug Administration and Control (NAFDAC) for its initiative, known as the five-plus-five policy. This policy requires foreign pharmaceutical companies to establish manufacturing plants in Nigeria within five years of importing their products. According to Hill, this policy is a step towards promoting local pharmaceutical industries.

He said, “The leadership of NAFDAC has ensured that the five-plus-five goal that if you are an international exporter of pharmaceutical products within the next five years, you need to manufacture to maintain your license. So it’s a stepping stone towards the promotion of local pharmaceutical industries.

“Like I said, Nigeria is an epicentre of commerce in Africa. Having 180 pharmaceutical industries is a large number and the commitment of the Pharmaceutical Council of Nigeria and all other federations in Africa to drive partnerships to boost local manufacturing. Exporting is the only way to boost the naira and what we are doing here is part of the way to develop economy in Nigeria and West Africa at large.”

Chairman of Pharma West Africa Conference & Exhibition Planning Committee, Pharm Ahmed Yakasai, also spoke on the importance of innovation in the pharmaceutical industry. He noted the role of collaboration and technological advancements in improving healthcare access and outcomes.

More than 150 pharmaceutical companies from Nigeria, Africa, Europe, and Asia showcased their products at the exhibition and expressed their willingness to collaborate further with the organizers, B2B Events.
Some exhibitors, like TherDose Pharma Pvt Ltd, expressed interest in setting up manufacturing plants in Nigeria due to the country’s promising market for their products.

Arum Redhil, a representative of TherDose Pharma Pvt Ltd said the company specializes in developing medications for cancer treatment and aims to expand its presence in Nigeria through partnerships and potential manufacturing facilities.

“We are here at the Pharma West Africa to meet distributors and promote our medications,” he said
“TherDose has developed more than 35 Generics and cancer drugs for various global clientele. For now, we are looking for distribution in Nigeria but going forward we are looking at setting up plants here for manufacturing of our products.”

Other exhibitors include Firstline Pharma, Pharma Bureau, LS Scientific Limited, Brookes Pharma, BR Pharmaceuticals, and Anadach Group among others.

Lagos State Commissioner for Health, Professor Akin Abayomi top the list of other dignitaries at the event. Others are the Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye; Dr Ngono Mballa Rose, director-general Lanacome, Cameroun; James Kommeh, head of Pharmacy Board in Sierra Leone; and Dr Pamella Ajayi, president, Health Care Federation of Nigeria among others.