PHAMACEUTICAL INDUSTRY AND EVOLUTION IN NIGERIA.PART 6

While Pharchem also opened shop in 1968, Smithkline Beecham and May&Baker erupted in 1973 and 1977 respectively and the trends persist until Hoechst came in 1982. This era wasnoted as the golden period of massive expansion for these companies and many built mordern factories.It witnessed the civil war of 1970s a critical period of nation building which required cheap access to affordable drugs for war casualties'relief and also witnessed theemergence of oil boom era of the 70s,which necessitated the expansion.This largely profitedthe economy,corporate profits swelled and generated massive employment and foreign exchange swelled as well.Unfortunately,there was no indigenous participation and capital flight without caution,exponentially accelerated. However,it was in the 3rd phase era of drug production evolution,in the country,that witnessed indigenisation policy of late 70s.In 1978,that Policy forced majority of multinational companies operating in the country to jettison and sell 60percent of their shares.