Coronavirus Outbreak Hurting Business, Pharmaceutical Importers Lament

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  • Coronavirus Outbreak Hurting Business, Pharmaceutical Importers Lament

The Nigerian Representatives of Overseas Pharmaceutical Manufacturers has said the fast-spreading coronavirus is hurting their businesses and would affect first-quarter earnings.

Mr Biofem Soremekun, the President, NIROPHARM, disclosed this while speaking with pressmen.

He said coronavirus outbreak has impacted on turnover of member-companies whose major imports came from China.

He added that manufacturers were unable to ship some pharmaceutical products manufactured in December before the virus outbreak due to the Luna New Year celebration.

Soremekun said, “What this means is that we have lost one additional month. If we are to factor in the inevitable challenges of port congestion here in Nigeria, it might take another two or three months before the shipment eventually finds its way into our warehouse.

“Definitely, that is going to create a stock-out for us. I am talking about the scarcity of some specific products. This is one part of how coronavirus has disrupted our activities.

“The other part has to do with our Chinese manufacturers’ inability to return to their factories because the government has not authorised them to start production.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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