Jumoke Olasunkanmi
In response to pharmaceutical giant Sanofi’s recent declaration of its intention to withdraw from the Nigerian market by February 2024, Nigeria’s Minister of Health and Social Welfare, Ali Pate, has strongly criticised the decision, labeling it as ‘a mistake.’
Pate, who made the statement on his official social media account on Friday, expressed disbelief that any pharmaceutical company would opt to leave a dynamic market with a population of 220 million.
He remarked, “Any pharmaceutical company that chooses to exit completely a vibrant 220 million people market is either doing it for the wrong reasons or dumb.”
Although he admitted that the current business environment in Nigeria is challenging, he, however, asserted that with the ongoing economic reforms spearheaded by President Bola Tinubu, the Nigerian healthcare market holds immense potentials.
“Yes, the Nigerian business environment is currently tough, but with @officialABAT’s economic reforms, things will get better and whoever bets negatively on Nigeria’s resilience and future, will later realize that they made a mistake,” he said.
Pate further encouraged potential investors to explore opportunities within the Nigerian healthcare value chain, emphasising that the country remains open for business while urging businesses on the verge of leaving the country such as Sanofi to reconsider their decision.
Sanofi had announced plans to exit the country in a press release signed by its General Manager and Country Lead, Folake Odediran, on Tuesday.
This move by Sanofi follows closely on the heels of another pharmaceutical giant, Glaxo Smith Kline (GSK), which revealed its intention to exit the Nigerian market just three months ago.
The company’s statement noted that it would pull out of the country and only distribute medicines through a third party from February 2024.
“With effect from February 2024, our company will embark on an exciting transformation of its business model in Nigeria. In our new model, commercialisation of Sanofi portfolio of medicines will be driven solely by a 3rd party distributor to be named soon,” Sanofi explained.
