After Giving out $2.5m, PharmAccess Offers More Loans to Nigerian Pharmacists

As part of efforts to further strengthen the role of pharmacists in healthcare delivery in Nigeria, PharmAccess Foundation said even though it had given out $2.5 million to over 250 pharmacists within the last two years, it was ready to further part with credit loans to enterprising pharmacists in the country.

It said the Medical Credit Fund (MCF) will continue to provide funding at reduced interest rates so as to strengthen investments around pharmaceutical supply chain.

Stating this during Pharmacy Industry Roundtable organised by PharmAccess and Anadach Group in Lagos recently, PharmAccess Country Director, Mrs. Njide Ndili, said it was high time the critical role of pharmacists in the country was complemented, hence the organisation’s desire to provide financial and technical support.

“MCF has given clean loans of up to 3 million per credit facility and its portfolio has repayment rate over 99 per cent. We believe this will ensure supply of original drugs to Nigerians at reasonable prices.”

The President, Pharmaceutical Society of Nigeria, Ahmed Yakassai, expressed excitement that pharmacy industry stakeholders were coming together to discuss pertinent issues that will lead to strengthening of its value chain. The Director, MCF in Nigeria, Mr. Fisayo Okunsanya, said the fund has proved to its financial partners that pharmacists and other healthcare professionals can successfully borrow from banks and repay their loans as and when due. “The repayment rate of the loans is over 99.7 per cent,” he said.

Among resolutions made at the roundtable discussion includes the need to look beyond trade in drug sale, as there is need in collaborating more in development and institutionalisation of standards in the operations of pharmacists.

“International donor agencies have recognised the roles of the Private Patent Medicine Vendors in delivering care in Nigeria due to the huge demands for pharmaceutical products, especially in rural areas where community pharmacies do not exist. A lot of these donor agencies are seeking for innovative ways to build the capacity of the PPMVs,” the communique says.

The resolution also call for the registration of PPMVs with the Pharmaceutical Council of Nigeria before they can be recognised as legitimate businesses and it’s only then they can be afforded loans, adding that it will be criminal to extend loan facilities to PPMVs that are not registered.