Investment in Nigeria’s Pharmaceutical Sector Hits N70 Billion
Monday, November 24, 2014
Investment in Nigeria’s pharmaceutical sector has hit N70 billion in the last four years, the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) revealed to BusinessDay.
While Nigeria’s pharma sector, valued at over $3 billion has begun the manufacture of relevant medicines such as anti-retrovirals (ARVs) for HIV/AIDS, Artemisinnin Combination Therapy (ACTs) for malaria intervention, commodities (zinc sulphate/Oral Rehydration Solution and Chlorhexidine gel, to manage umbilical cord care) in response to growing public health demands, there is renewed interest by many pharmaceutical firms in the country, in the areas of quality improvement, international certification, as well as World Health Organisation (WHO) prequalification.
Okey Akpa, managing director, SKG Pharma, revealed that Nigeria’s pharmaceutical industry has witnessed increased investments, leading to new innovations and global certification by WHO and other international bodies, a situation that makes the nation a major hub in the West-African region and in Africa’s pharmaceutical space.