The May & Baker Nigeria Plc has reiterated its commitment to enhancing healthy living of Nigerians through the production of quality and international standard medical products.
The Managing Director of the company, Mr Patrick Ajah, made this known at the company’s 2024 Customer Forum on Tuesday night in Lagos.
The company at the event also unveiled a new cough syrup.
The News Agency of Nigeria (NAN) reports that the theme of the programme was: “Boundless Possibilities.”
While delivering his speech of welcome, Ajah said the newly introduced MAYSEDYL Expectorant (cough syrup) was carefully prepared to meet the international standard and recommendations of the World Health Organisation.
According to him, May & Baker plans to launch at least seven new brands of products before the end of June 2024.
Ajah, who appreciated the company’s distributors and customers for their steadfast patronage and support, noted that the 2023 business year was quite challenging.
He explained that the fluctuating nature of the foreign exchange market, inflation, fuel subsidy removal and unsteady power supply, among other challenges, contributed to the high cost of production materials.
“The year 2023 was quite challenging. A lot of pharmaceutical manufacturing companies left, but by the Grace of God, we remained in business.
“So, I appreciate all our distributors and customers for their steadfast support and we are committed to serving you better going forward.
“In this year 2024, at least, seven new brands of production will be launched. And this occasion of 2024 Customer Forum is very significant because this year, May & Baker will be marking its 80 years anniversary,” Ajah said.
The Head, Marketing and Sales, May & Baker, Mr Obinna Emeribe, said that distributors and customers were an integral part of the company.
Reviewing 2023 business operations, Emeribe said the distributors contributed N15.7 billion of the total revenue generated by the company.
Emeribe, who admitted 2023 was challenging, called on the Federal Government to intensify efforts to addressing the critical issues and stabilising the economy.
He urged the government to address the power supply challenge, stabilise the foreign exchange market as well as address the rising inflation.
“The effects of subsidy removal accompanied with consistent rising inflation led to low purchasing power of the citizens,” he said.
On the lookout for 2024, Emeribe said the company Baker targets to generate N27 billion revenue and over N300 million incentives to be won by distributors.
“The distributors and customers are integral part of May & Baker company; they contributed over 88 per cent of the revenue generated in 2023 that made us remain in business.
“For the 2024, we look forward for a more robust business operations as we target N27 billion revenue generation.
“Products with high sales velocity, new fast product lines and over N300 million incentives to be won by distributors are parts of the targets in 2024.
“The devaluation of the local currency lead to rising inflation and low purchasing power of the customers as they are unable to buy products because prices skyrocketed out of their reach.
“But, if the government can address these three major issues; forex market, inflation and power supply that would go a long way to stabilise the economy, increase the purchasing power and create an enabling environment for business to strive,” Emeribe said.(NAN)
By Lilian U. Okoro
