While identifying the lack of regular electricity supply in the country and the failure of retailers to pay on time for stocks delivered to them as among other factors contributing to the problem, Narayan said that if provided with needed infrastructure, the sector would not only provide jobs for Nigerians but also contribute significantly to the nation’s economy.

He said as a company they were spending around N240m annually on running generators for their operations, which, he said, needed regular power supply.

He said, “The issue of high duty on pharmaceutical products is not good for the industry. You cannot afford high duties on medicines meant for sick people who are poor because by so doing you take it away from their reach.

“As we speak, about 30 per cent of Nigerians can’t afford to buy the medicines they need to treat basic sicknesses because they do not have the money to do so. The high foreign exchange rate has also compounded the problem and that is why government must do everything to encourage local production of drugs.

“The most significant way many of these problems can be addressed is for the issue of electricity to be tackled holistically. To function effectively, a pharmaceutical company needs power throughout the day to preserve the temperature of the drugs so that they can maintain their potency.

“Once government can guarantee regular power supply, this industry will grow and compete very well with others around the world.”

Members of the AHAPN commended the company for working closely with stakeholders in the sector over the years in providing Nigerians with quality pharmaceutical products.