Rising drug costs: Greenlife unveils new strategy, eyes local production

By Chioma Obinna Amid rising costs of pharmaceutical raw materials and growing pressure on the drug industry, Greenlife Pharmaceuticals Limited has unveiled a new strategy to strengthen partnerships across the pharmaceutical value chain and advance plans for local manufacturing. The company’s new initiative, Pharmacy Access and Commercial Trade, PACT 2026, was launched at its inaugural forum in Lagos, bringing together major wholesalers and trade partners to discuss sustainable growth, business institutionalisation and stronger commercial relationships. Speaking at the event, Executive Director of Greenlife Pharmaceuticals, Pharm. Peter Chukwudalu Nwosu, said the company was preparing for its next phase of growth by moving its relationship with partners beyond routine commercial transactions. Nwosu said Greenlife would focus more on understanding the challenges of its customers and responding faster to their needs. “Our next phase is about listening better to our customers, responding faster, making business easier and understanding the challenges of our partners,” he said. He said stronger partnerships had become increasingly important in an operating environment characterised by rising costs. Nwosu also disclosed that Greenlife was working towards local manufacturing, noting that the rising cost of active pharmaceutical ingredients and excipients had continued to put pressure on pharmaceutical businesses. He said government measures to reduce the cost burden on manufacturer

Reporting from Vanguard news wire services. Full analysis by The Abuja Times editorial desk.