**Lagos**: Industry leaders at the Continuing Education Conference of the Association of Community Pharmacists of Nigeria highlighted the importance of innovative business strategies, negotiation skills, and research to enhance competitiveness in the rapidly evolving healthcare landscape, urging pharmacists to adopt proactive measures for growth.
Top industry leaders and experts convened at the Day 2 session of the 2025 Continuing Education Conference of the Association of Community Pharmacists of Nigeria (ACPN), hosted at Yard 158 Event Centre in Oregun, Lagos. The conference highlighted the need for community pharmacists in Lagos to adopt innovative business strategies, enhance negotiation skills, and focus on value creation to remain competitive in a rapidly evolving healthcare environment.
Pharm. Olakunle Ekundayo, chairman of Drugfield Pharmaceuticals, Dr Foluke Ayeni, a senior lecturer at the Faculty of Pharmacy, University of Lagos, and Mr Ziad Maloouf, managing director of 7UP Bottling Company, were among the key speakers who emphasised the urgency for pharmacists to rethink their business approaches. According to Maloouf, strategic business practices and effective negotiation are crucial for driving profitability and business growth. He illustrated this with a case study of an entrepreneur who initially bought raw materials at N9,000 and sold the finished product for a mere N9,500. Through better negotiation, the entrepreneur was able to procure materials at N3,800 and increase the product price by 50%, showcasing the power of perception and brand value in consumer behaviour.
Maloouf further elaborated on the importance of understanding consumers’ “willingness to pay,” noting that successful businesses do not merely sell products but create value, status, and perception. He defined a hierarchy of products to underscore this point; comparing a N10,000 Onitsha shoe with a N150,000 Nike sneaker and a N2 million Prada shoe, he illustrated how brand perception impacts pricing strategies. He encouraged pharmacists to utilise collective purchasing power to secure better pricing on bulk purchases and to enhance consumer experience through innovative service offerings.
Dr Foluke Ayeni’s presentation titled “Mining the Treasures in Community Pharmacies through Collaboration and Research” centred around the often-overlooked role of research in community pharmacy. She urged pharmacists to harness data from their daily practice for research and policy development. Ayeni complimented the efforts of NAFDAC in combating counterfeit drugs but called for more proactive strategies to trace the sources of such products. She stressed the importance of acquiring drugs solely from licensed suppliers and urged government agencies to enhance regulatory oversight.
In his goodwill message, Pharm. Olakunle Ekundayo praised ACPN Lagos for encouraging discussions on sustainability in pharmacy practice. He underscored the significance of bulk purchasing and suggested that pharmacists should consider partnerships with local manufacturers to mitigate costs and secure a stable supply of quality medications. He identified pressing challenges such as the open drug market crisis and delays in implementing zero import duties on pharmaceutical raw materials as barriers to industry progress. Emphasising the need for skilled professionals in the pharmaceutical field, Ekundayo called for structured solutions like pharmaceutical hubs to provide necessary regulations.
Pharm. Tolu Ajayi, chairman of ACPN Lagos State, articulated the aims of the conference, which focused on aiding pharmacists in balancing professional service delivery with business viability. The theme for this year’s conference was “Transforming Community Pharmacy Practice Through Innovation, Collaboration, and Research,” signalling a concerted effort to encourage growth and adaptation within the industry.
The conference concluded with a pledge from all stakeholders to foster positive changes in community pharmacy through research, collaboration, and innovative practices, ensuring that this sector continues to thrive in Nigeria’s dynamic healthcare landscape.
Source: Noah Wire Services
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