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The Senior Vice President, Retail Banking at FCMB Plc, Mr. Olu Akanmu, has disclosed that corruption cannot be unconnected with the cases of fake drugs and insufficient production of drugs by local pharmaceutical industries.
Akanmu, a Pharmacist, spoke recently in Minna, Niger State at the 89th Annual National Conference of the Pharmaceutical Society of Nigeria.
Coming with the theme: “Pharmaceutical Industry Contributions to National Development,” experts discussed and developed solutions to the challenges facing local manufacturers in Nigeria.
In his presentation, Akanmu said that corruption and insecurity were responsible for lukewarm attitude by the international drugs manufacturers in countries like India to collaborate with Nigerian government in bringing expert manufacturers to produce standard drugs.
He argued that “We must deal with national corruption and the corruption in the judiciary to make the business environment conducive for foreign manufacturers.
“The de-incentive attitude towards local manufacturers in the country and scarcity of foreign exchange for manufacturers to purchase raw materials is also responsible for the insufficient drugs productions.
“Also, the Federal Government failure to provide incentives for local manufacturers especially at this critical time of the nation’s economy and recession are biting factors.
“Most local manufacturers cannot source for foreign exchange for their businesses and the purchase of raw materials to produce drugs.”
In his further submission, he added that the current situation calls for deeper reflection on how to rebuild a pharmaceutical industry that is competitive to global standard.
While urging the government to strengthen the national pharmaceutical regulatory agency on issues relating to fake and substandard drugs, he called on governments to encourage local manufacturers by way of formulating policies for states and local governments to patronise local pharmaceutical firms.
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