The Lagos State Branch of the Association of Community Pharmacists of Nigeria (ACPN) has emphasised the urgent need for proactive measures to steer the national economy towards sustainable recovery. During the Annual General Meeting (AGM) held in Lagos, Pharmacist Lawrence Ekhator, the immediate past chairman of ACPN Lagos State, highlighted the significant economic challenges facing the profession. Ekhator attributed the decline in purchasing power and the surge in inflation to government policies, resulting in adverse effects on community pharmacy practices. He also identified factors such as high interest rates for business financing in Nigeria as contributors to low patronage and profitability at the community pharmacy level.
Ekhator said the present economic conditions pose significant challenges for community pharmacists. He emphasised that the rampant inflation prevalent in the country undermines the profitability of their practice. “You purchase a product today, only to find its price has changed by the end of the day or the next. Consequently, selling becomes problematic, as restocking becomes increasingly difficult due to fluctuating prices.”
He continued: “Many of our colleagues are finding it difficult to restock because the capital is being eroded by inflation, so this is going to spill over to the consumer. So, we are calling on the Federal Government to quickly nip this in the bud, because we don’t want a situation whereby people are forced to go for inferior products all in the name of not having the purchasing power,” he said.
“Another policy of the Fed Govt that should be reviewed includes import duties from the Customs, as the agency increases import duties daily, which according to them, is based on the dollar rate. It should be noted that such would affect the price of drugs. So, we are calling on the government to realise that drugs are essential needs, so its importation, just like food, should be put on a special pedestal so that it would be given a special concession”.
In response to the establishment of a modern pharmaceutical market, Coordinated Wholesale Centre (CWC), in Kano State through a collaboration between the Kano State Government and the Pharmacy Council of Nigeria (PCN) via Public-Private-Partnership (PPP), the former ACPN chairman urged Lagos State Governor, Babajide Sanwoolu, to emulate this initiative in Lagos. He emphasised that replicating such a project in Lagos would demonstrate the governor’s commitment to the welfare of Lagosians.
Similarly, Pharmacist Gafar Madehin, the national secretary of the Pharmaceutical Society of Nigeria (PSN), echoed concerns about the impact of the current economy on the pharmaceutical practice, particularly at the community level. He highlighted the adverse effects of continuous price fluctuations, stressing the need for measures to alleviate these challenges. “The healthcare products that we deal with are majorly imported, so the value of the dollar is affecting the prices, and we have seen over the past two to three months that the prices have not stabilized. On the issue of patronage, healthcare is a basic need of man, so people who need to seek healthcare, still come, but the only impact is that many of them buy less because of financial strength,” he stressed.
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”However, on the issue of profitability, this is a trying period for us because when we buy, we put a specific margin of profit, but now what we have discovered is that for the past few months, by the time you sell and you want to restock, you would found out that the prices you are getting the goods have doubled, so in the real sense of the word, profitability is difficult because we have to add more money to restock”.Addressing the way forward, the PSN secretary urged the Federal Government to prioritise the healthcare sector, emphasising the need for various avenues to subsidise citizens’ healthcare needs, including implementing an effective national health insurance policy.
The highlight of the event was the election of the association’s executive members for the upcoming term. Pharmacist Tolu Ajayi emerged victorious, securing 195 votes, defeating Pharmacist Jonah Okotie, who garnered 74 votes. The newly elected executives include Pharmacist Charles Oyeniyi as vice chairman, Pharmacist Mosunmola Dosumu as secretary, Pharmacist Mojisola Aladesanmi as assistant secretary, Pharmacist Ezewanne Chukwudi as treasurer, Pharmacist Imade Roy-Ekekwe as public relations officer, and Pharmacist Chioma Omattah as editor-in-chief.
