May and Baker boss forcast scarcity of essential medicines by 2017
According to Mr Nnamdi Okafor, Nigerians should prepare for scarsity of essential drugs in 2017. Mr Okafor, the managing director of May and Baker Plc spoke at his office on tuesday also lamented the though situation many local drug manufacturers are going through, warned that if the forex scarcity continues, many pharmaceutical companies will shut down inthe first quarter of next year. According to him many of them have been unable to source for foreign exchange needed to import raw materials needed for production in the last 6 months.
Local drug manufacturers have lost credit facilities from their international suppliers for their business, “nobody is willing to give us raw materials except we pay for them in cash.” The manufacturing business in Nigeria is import dependent and drug manufacturers are not getting any special allocation for forex. Okafor also stated that while May and Baker recorded 13per cent growth in revenue in 2016, the company’s cost of production has gone up by 50 per cent.
Source: Punch Newspaper, 21/12/16