Godwin Haruna
7 August 2008
Lagos — Penultimate Thursday, a landmark event took place in Victoria Island, Lagos with the official commissioning of the headquarters of an indigenous pharmaceutical marketing company, which is transiting to a manufacturing plant. It was the clearest example of the mustard seed sprouting up as Neros Pharmaceuticals attempts to define the nation's drug sector. Godwin Haruna writes
Professor Pat Utomi, director of the Lagos Business School (LBS) is not given to frivolities. His views are respected among the intellectual, industry and political classes in the country. Last week Thursday in Lagos, Utomi told an audience comprising of captains of industry and other professionals at the opening of the Neros Pharmaceuticals Limited's corporate headquarters that he had long nurtured a dream for the small scale entrepreneurs in the country. His dream, he stated, has been for these categories of entrepreneurs to grow and take over industrial concerns in the country. That way, he reasoned, they would form the productive engine of industrial activities in the country and would be well positioned to energise the sector.
He said the official commissioning of the company's headquarters in highbrow Victoria Island and the commencement of the manufacture of some range of pharmaceutical drugs from its plant next year is the actualization of the dream he nurtured for these kinds of small scale entrepreneurs several years ago. In Utomi's estimation, the result of such several enterprises sprouting up heightens the expectation that Nigerian entrepreneurs would rule the world of commerce.
Utomi, who was the special guest of honour at the event, advised them not to revolve such businesses around their personalities only. "Such businesses should be institutionalized so that even if the founder is not there, the legacies of commerce they leave behind will stand the test of time for the upcoming generation of Nigerians," he added.
According to him, he has been associated with the Chairman/CEO of Neros Pharma, Chief Poly Emenike for over a decade. "He is a man I can aptly describe as intelligent, aggressive and possessing great entrepreneurial abilities. These are rare qualities, I believe he had brought to bear in the running of his then young and very dynamic pharmaceutical company, which has today become one of the very best and very active player in the nation's healthcare delivery sector," Utomi said.
He said the company has continued to intervene very successfully in some of the critical areas of the nation's healthcare needs by providing the market with some of the best quality pre-packaged drugs at very affordable prices. According to him, the company was one of the very first to introduce an artemisinin derivative antimalaria into the Nigerian market, and added: "the product became so popular that it generated so much goodwill for the marketing organisation and the company has sustained this over the years with other arrays of high quality products".
He said another brand, Mekoamin, the company's brand of essential amino acids and vitamins that were formally unveiled at the event bore that mark of quality for which the company was known for.
"I am very elated at the prospects of commencement of local production of some of your product range in the very near future. This is an indication of the company's foresight and desire to contribute even more to the growth and development of the nation's domestic economy," Prof. Utomi said.
He hailed the plans of the company to transform into a public liability firm in the next couple of years as commendable. He said it was a pointer to the company's preparedness to further submit itself to the dictates of internationally accepted corporate governance standards. Utomi added that with a track record of excellent performance over the years, a Neros Pharmaceutical offer, when it comes up, will no doubt excite prospective investors. He did not hide his desire to become a part owner of the growth-oriented company.
Earlier in his welcome address, Chief Emenike, Chairman of the company noted that NEROS HOUSE project was borne out of the desire to further enhance the company's corporate image and visibility. He said with its strategic location on the Island, the new location is expected to play a great role in the company's transformation process.
"Our company has over the years remained very focused and committed in what we do, that is, serving the healthcare needs of our populace in a most effective, efficient and socially responsive manner. From a very modest beginning about 20 years ago, the company has grown into a fairly large organisation with over 70 NAFDAC approved products in her stable", he said.
Emenike stated that his pharmaceutical firm is not just one of the fastest growing companies in the pharmaceutical industry; it is also one of the very best in terms of delivery of some of the best-in-line products at affordable prices and employing industry best practices.
The biggest news of the event, aside from the commissioning of the ultra-modern office complex tastefully furnished, is the revelation that the manufacturing outlet would commence production next year. "May I use this opportunity to inform you that work at the company's state-of-the-art factory complex located at Sango Ota, Ogun State, has reached a very advanced stage of completion. Going by our plan, this production facility which will enjoy both local and international certification is slated to commence operation by the second quarter of year 2009. The factory will undertake the local production of some of the company's product range and its operation will no doubt impact positively on the nation's domestic economy in terms of further employment generation, wealth creation, foreign exchange conservation," Emenike said.
He also disclosed that the overall objective of the current transformation plan of the firm is to turn it into a public limited liability company on or before year 2013. "We shall continue to work assiduously towards making the company a beautiful bride in the market when that time comes," Emenike promised his audience.
Also speaking during his introduction of the new product, Mekoamin, Mr. Rotimi Olorunsola, the marketing manager, noted that it strengthens the immune system and improves muscular tone. He added that Mekoamin also accelerates physical and mental growth in children, improves performance at work and school and ensures quick recovery and rejuvenation from illness.
"Mekoamin is a combination of 8 essential amino acids and 11 vitamins designed to help the body in the formation of new body proteins, enzymes and hormones in order to maintain good health. Since amino acids are not stored, but are converted to fuel, all essential amino acids must be supplied simultaneously to support maximum protein synthesis," Olorunsola stated.
He further stressed that the new product improves metabolism and energy levels, accelerates recovery from emaciation due to malnutrition and or illness. He said it is very useful for nursing mothers and pregnant women. .
Officials said the high standards set for the factory is such that after the certification of the National Agency for Food, Drug Administration and Control (NAFDAC), they will still seek the certification of the United States FDA and World Health Organisation. According to them, the type of factory envisaged by the Chairman of the company is one that would not only engage in drug manufacture for local consumption, but for exports to different parts of the world. For this reason, he said everything would be done to meet all required specifications for an internationally certified factory. He said their foray into the world market is a vision that would hopefully transform Neros Pharmaceuticals Limited into a publicly quoted company on the Nigerian Stock Exchange. He added that everything would be done in order to fast track the attainment of the Federal Government's objective of meeting 75 per cent of the nation's drug needs locally.
Mekoamin is a supplement made for all categories of people. It comes in two pack sizes of 200ml and 110ml bottles. The company had earlier introduced the capsule equivalence into the Nigerian market and there are all quite affordable, according to Olorunsola.
He added that the company markets about 71 brands of pharmaceutical products in the country and the stage was set for it to become one of the leading firms in the sector. He said factory, when commissioned, would start with the production of analgesics and other basic needs.
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