Angela Onwuzoo Members of the Society for Pharmaceutical Sales and Marketing of Nigeria have stated that unless the Federal Government tackles the rising inflation, the cost of medicines will remain high. The sales and marketing professionals noted that it would be difficult if not impossible for the nation’s pharma industry which is import and forex-dependent to thrive without the government bringing down inflation. Nigeria’s inflation rate increased to 34.
19 percent in June 2024, according to data by the National Bureau of Statistics. Despite executive order on pharmaceutical products, drug prices remain high in Nigeria as pharmacists insist that the exchange rate remains a key factor. The stakeholders also pointed out that local pharma industries cannot grow and reverse Nigeria’s dependence on imported drugs without the government’s intervention and access to loans with low interest rates and lesser conditions.
The sales and marketing professionals spoke at the SPSMN 2024 induction ceremony and investiture of fellows held recently in Lagos. The event also featured a pharma sales and marketing award and examined ways the sales and marketing professionals could thrive and break even despite the harsh business environment in Nigeria. Speaking on the theme, “Pharmaceutical Sales & Marketing in Nigeria: Professionalism and Thriving in Turbulent Times”, the Keynote Speaker, Dr.
George Thorpe, said high inflation destroys people’s lives and businesses. “Running in.