Why this matters: The National Agency for Foods and Drugs Administrations and Control (NAFDAC) had been calling for the production of imported drugs in Nigeria. This partnership between the duo is a step in that direction.
This positions Nigeria as an exporter of the drugs that have interested markets in West Africa. Apart from expanding the portfolio and services of May & Baker, Nigeria’s economy will also benefit in the trade partnership as it opens a new pharmaceutical market for both Nigeria and the company.
May & Baker is taking on the challenge of localising foreign brand products through its facility which it said can “produce six billion tablets and 37.5 million 60ml liquid medicines annually.”
The partnership is coming two months after May & Baker’s Director and Chairman of Board of Directors, Theophilus Danjuma, stepped down from his position in the company. Danjuma’s retirement was made known during May & Baker’s Board meeting. He was replaced by Senator Daisy Danjuma, who was first appointed to the May & Baker Board of Directors in 1999.
What you need to know: May & Baker reported a decline in its top-line of 9.57% to N5.92 billion as against the N6.54 billion in nine months of 2018. The pharmaceutical unit recorded revenue of N5.86 billion in nine months of 2019, 6.95% lower than the corresponding period of 2018.