More than 70% of medicine currently in circulation in Nigeria is fake, according to the Executive Director of Fidson Health Care Plc, Bola Adebayo.

Mr. Adebayo has spoken out about his disappointment that the National Agency for Food, Drug Administration and Control (NAFDAC) has failed to curtail the circulation of fake drugs.

He also blamed the situation partly on the absence of genuine drug manufacturers in the far-flung rural regions, as many are concentrated in big cities.

In a recent interview, Mr. Adebayo said that the gap created by lack of genuine manufacturers in rural regions has led to the over-bearing presence of counterfeit drugs in villages and semi-urban centres in the country.

He praised the apex bank for its willingness to give pharma manufacturers concessionary rate to keep their factories running. Mr. Adebayo said this has prevented what would have resulted in mass closure of factories.

Adebayo confirmed that most drug firms are encouraging the Federal Government’s Backward Integration Policy by insisting that they buy pet bottles and glasses locally.

On the challenges facing the sector, he recalled that they spend over 50 per cent of their working capital on electricity generation.

“Electricity is not available and where it is available it is not usable. We provide our water, security, roads, access to market and debts from both State and Federal Governments,” he said.