May & Baker Nigeria PLC, a giant pharmaceutical company, has criticised the federal government over lack of action on an executive order intended to revitalise the country’s health sector.
The order, signed by President Bola Tinubu in June, aims to boost local production of healthcare products and reduce costs.
Patrick Ajah, Managing Director of May & Baker, during a media briefing marking the company’s 80th anniversary, said the challenges facing Nigeria’s pharmaceutical industry were exacerbated by the forex crisis and rising electricity costs.
He said, “If the forex situation is not addressed, we face a long road ahead. Many companies are struggling to make a profit, leading to collapses in the sector. Without intervention on the exchange rate, drug prices will remain high. The cost of power has increased by 300 per cent, adding to the difficulties.”
Despite the challenges, Ajah reaffirmed May & Baker’s commitment to address the importation of Active Pharmaceutical Ingredients (APIs).
He said, “No single company in Nigeria can tackle the issue of APIs alone. May & Baker is part of a consortium of major companies working together to secure technology transfers. It is crucial for us to persuade foreign firms to share technology so we can enhance our capabilities.”
He further said that in celebration of its 80th anniversary, May & Baker planned to construct a water pipeline in its host community in Ogun State and fund the tuition of five undergraduates at the University of Ibadan.
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