Former President of the Pharmaceutical Society of Nigeria (PSN), Pharmacist Olumide Akintayo, has called on the Federal Government to adopt long-term industrial policies aimed at reducing medicine costs and boosting local pharmaceutical production across the country.
Akintayo made the appeal during the commissioning of the newly completed Asiwaju Adebowale Omotosho Pharmacy House, a five-storey facility owned by the Oyo State chapter of the Pharmaceutical Society of Nigeria.
Speaking at the event, he stressed that Nigeria’s dependence on imported medicines remains a major challenge to the nation’s healthcare system and pharmaceutical industry. According to him, countries such as India and China successfully developed strong pharmaceutical sectors through deliberate and sustained industrial policies, a strategy he said Nigeria has yet to fully implement.
He noted that local pharmaceutical manufacturers continue to face numerous obstacles, including unreliable electricity supply, inadequate infrastructure, high production costs, limited government support, and expensive borrowing conditions.
Akintayo argued that sustainable pharmaceutical manufacturing cannot thrive in an environment where companies rely heavily on diesel-powered generators to maintain operations.
The former PSN president also expressed concern over government procurement practices, stating that locally produced medicines are often overlooked despite efforts to encourage domestic manufacturing. He emphasized the need for public healthcare institutions to prioritize Nigerian-made pharmaceutical products in order to create a stable market for local manufacturers.
Addressing financing challenges within the sector, Akintayo highlighted the burden of high-interest loans on pharmaceutical companies, describing current lending rates as detrimental to industrial growth.
He urged the Federal Government to strengthen the role of development finance institutions by providing long-term, low-interest funding for pharmaceutical businesses. He also advocated investment in Active Pharmaceutical Ingredient (API) production facilities to reduce Nigeria’s reliance on imported raw materials.
Also speaking at the event, pharmaceutical industrialist Asiwaju Adebowale Omotosho said local manufacturers face increasing competition from imported medicines, which often enter the Nigerian market at lower prices and enjoy wider consumer acceptance.
According to him, the realities of manufacturing have discouraged many entrepreneurs from investing in production, with a growing number opting for trading activities that require less capital and carry lower operational risks.
Chairman of the Oyo State PSN, Pharmacist Victor Ajanaku, echoed similar concerns, revealing that several pharmaceutical manufacturers and importers have either reduced their operations or exited the industry entirely due to economic challenges, limited access to foreign exchange, and difficulties in benefiting from existing government incentives.
Industry stakeholders at the event noted that Nigeria’s reliance on imported medicines continues to expose the healthcare sector to foreign exchange fluctuations, inflationary pressures, and global supply disruptions. They warned that these factors contribute significantly to rising drug prices and reduced access to essential medications for many Nigerians.
The Olubadan of Ibadan, Oba Rasidi Ladoja, who officially inaugurated the building, called for greater collaboration between conventional healthcare practitioners and traditional medicine experts. He said indigenous medical knowledge should be explored alongside modern healthcare approaches to enhance health outcomes.
As concerns over medicine affordability continue to grow, stakeholders are increasingly calling for policy reforms and strategic investments to strengthen Nigeria’s pharmaceutical manufacturing capacity and improve access to healthcare products nationwide.
