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investment

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Word cloud concept illustration of biotechnology research

 

A Professor of Virology, Sunday Omilabu, has urged government to invest in biotechnology, saying it can be used for innovation in stem cell research and immunisation, among other benefits.

Omilabu added that the technology had made it possible for vaccines to be delivered to beneficiaries through fruits, thereby reducing the costs of producing needles and syringes used to give vaccines in many developing countries.

The expert who diagnosed the first case of Ebola in the country said this on Wednesday during a seminar in Lagos. The programme was organised by Katchey, a life science equipment company, in partnership with Thermo Fisher in Lagos.

“We shouldn’t expect other countries to help us to fight our local problems. This is the more reason we must give priority to biotechnology in the country. It can help us to solve some stem cell issues. For instance, a number of vaccines are now produced in fruits; we don’t need to give injections. They can be put in oranges, bananas and other fruits, and when one eats them, one becomes immunised,’’ he said.

In her remarks, the Chief Executive Officer, Katchey, Mrs. Kate Isa, urged governments at all levels to stop the dependence on oil and diversify the economy. She said biotechnology could provide solutions to a number of crime-related issues, breakthroughs in the health sector and contribute to the earnings of the country.

“There is a lot life science can achieve for Nigeria, including in areas of medicine, pharmaceutical and food sciences, agriculture, among others. Less than 50 per cent of universities and research institutes are involved in life science research. Government and stakeholders should give it priority funding.

“Over the years our government has been looking to oil for money, but biotechnology is an untapped area it must look into. Let us set up well-funded research and laboratories. How many of our universities are doing research and coming out with products that we can market? We need these products,” she  said.

PUNCH.

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The Managing Director of The Bridge Clinic, Lagos, Dr. Richardson Ajayi, has called on foreign investors to choose Nigeria as their destination for health investments.

Ajayi made this call at the 4th Annual Africa Hospital Expansion Summit in Accra, Ghana.

The IVF specialist in his address noted that Nigeria’s health care sector had shown significant growth over the last five years and will continue to grow despite the current economic challenges.

He identified the increasing prevalence of non-communicable diseases, reduction in out-bound medical tourism due to the difficulties with obtaining foreign exchange and the increasing access to health insurance as key drivers for investing in Nigeria.

Ajayi, however , stated that short-term investment model may not work as much in Nigeria as the country’s health sector lacks the requisite systems to support  it.

Ajayi, said, “Investors expect a return for their investments and most prefer the return sooner rather than later. Unfortunately, healthcare in our region is not mature enough for this type of investment strategy. Healthcare in our region is still in a nascent stage and the systems such as supporting government policies as well as the required organised ecosystem are not yet in place to create the platform for growth.”

He, therefore called for a different approach that would ensure that investments make the required developmental impact while, at the same time, delivering adequate financial returns.

Ajayi stated, “Health care investments have to be considered from a developmental and long-term perspective. Investments with a focus on immediate earnings such as earnings before interests, tax, depreciation and amortization may institute a profit-driven culture which runs in the face of providing care and the right balance must be struck.

“A more favourable structure will be for investors to look into making equity investments with a focus on long-term growth rather than a quick exit.”

He listed preferences for the sole proprietor model; patients dwindling disposable income, poor customer service orientation, and inadequate skill sets among health workers as some of the challenges that could hinder investments in the sector.

PUNCH.