May & Baker Plc, producer of Codeine based cough syrups, has said that the ban on the product caused over N700 million loss in annual income as well as loss of raw materials and finished products worth over N350 million.
Briefing journalists in Lagos, weekend, the Managing Director/Chief Executive Officer of the company, Nnamdi Okafor described 2019 as a challenging year.
The MD, however, urged the Federal government to relax the ban so that the pharmaceutical companies could sell their products under strict monitoring and control.
“For the raw materials, we want to be allowed to convert them, if government also wants to take them over and monitor the usage that is also fine. That will be best for us.”
Mr Okafor said, currently, the company is undergoing a major product portfolio restructuring.
“We were compelled in the last two years to discontinue the production of some of our top cash cow brands as a result of age and change in national treatment protocols and policies.
“Some of the products involved are our Sulpha-based ranges, the Nivaquines and 221 brands. These products were responsible for over N1.2 billion of our annual revenue in 2017,” Mr Okofor.