Dr. Lolu Ojo a fellow of Pharmaceutical Society of Nigeria and Managing Director, Merit Healthcare Limited has revealed that GSK UK Group informed GSK consumer Nigeria Plc of its strategic intent to cease commercialization of its prescription medicines and vaccines in the country. This is because GSK products had been very scarce in the market and few available were very expensive, sometimes sold at six to seven times the normal price due to several factors like environment, which was hostile to business weather indigenous or international. He said everything is stacked against genuine businesses, and only those who can cut corners are moving on, possibly cheating on the system.

He said that ‘’it has been extremely difficult to repatriate their GSK fund or pay for supplies due to scarcity of and fluctuations in foreign exchange. Immediately following that is the huge losses attributable to foreign exchange movements. The floatation of Naira recently could mean that 10 million (in Naira equivalent) waiting to be transferred since e January may only amount to $6m if transferred now.

Unfortunately, GSK by its own standard and avowed commitment to ethical ways of doing things cannot do things the ‘Nigerian way”. There’s also the burden of being part of a Nigerian Public Limited Company with boundaries on what they can do normally.

Ojo said that GSK already exited Kenya, which is their biggest market in East Africa.  Their market in Nigeria deals with established brands, which is not in alignment with the global strategy. He said the global focus now is on new molecules, which are more profitable. He said that there is no need to lament their exit rather Nigerians should gird their loins and make the country a truly great destination for international and ethical business. He said that Nigeria should recall the exit of Dunlop, Michelin, P&G and a host of others for Its wake up time for the government to do something positively and quickly.

credits: GUARDIAN