Olu Akanmu, the Senior Vice President, Retail Banking, FCMB Plc, says corruption is responsible for the insufficient production of drugs by local pharmaceutical industries in Nigeria.
Akanmu, a Pharmacist, said this on Tuesday in Minna, Niger State while speaking at the 89th Annual National Conference of the Pharmaceutical Society of Nigeria.
The conference, themed: “Pharmaceutical Industry Contributions to National Development,” is to discuss and proffer solutions to the challenges facing local manufacturers in Nigeria.
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.
Akanmu said: “A corrupt judiciary is dangerous for business. 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.”
Akanmu said that the current situation calls for deeper reflection on how to rebuild a pharmaceutical industry that is competitive to global standard.
He also urged government to strengthen the national pharmaceutical regulatory agency to control circulation of fake and substandard drugs as a way encouraging local manufacturers.
Besides, the pharmacist turned banker advised the Federal Government to formulate policies for states and local governments to patronise local players.
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