The MD/CEO of May & Baker Plc, Nnamdi Okafor said that the ban of distribution and production of Codeine based cough syrups in the country, caused it to lose N700 million in annual income.
Apart from the huge amount of money that was lost, he stated that there was a loss of raw materials and finished products worth over N350 million.
According to Mr. Nnamdi Okafor, while briefing journalist in Lagos during the weekend; he revealed that most pharmaceutical manufacturers are contending not only with the loss of revenue, but funds already invested in finished and raw materials.
Describing 2019 as a challenging year, Okafor urged the Federal government to help pharmaceutical companies to pay for the drugs and then, sell them under strict monitoring and control.
In his words, Okafor stated that, “For the raw materials, we want to be allowed to convert them, if government also wants to take them over and monitor the usage that is also fine. That will be best for us.”
Speaking further on the company’s product portfolio restructuring, he said, “We were compelled in the last two years to discontinue the production of some of our top cash cow brands as a result of age and change in national treatment protocols and policies.
“Some of the products involved are our Sulpha-based ranges, the Nivaquines and 221 brands. These products were responsible for over N1.2 billion of our annual revenue in 2017.