Towards addressing the country’s chaotic drug distribution system that is often characterised by circulation of fake and counterfeit medicines, Ultra Logistics Company Limited, ULCO, a private sector initiative, opens today in Lagos to begin operation as a mega drug distribution centre under the watch of the Pharmaceutical Society of Nigeria, PSN.

In a statement, Managing Director, ULCO, Dr. Lolu Ojo, said the initiative is expected to correct the observed lapses and put the pharmaceutical industry on a higher pedestal, in line with the Federal Government’s New Drug Distribution Guidelines that will be implemented as from 1st July, 2015.

“With the new guidelines, there will be an ordered system of drug distribution which will ensure that the available drugs are safe and effective. The event is being promoted to protect the interest of practitioners and the general public and also to assist government in the delivery of the best pharmaceutical services to Nigerians. It is also being promoted to encourage indigenous entrepreneurship.

ULCO will operate as a commercial organisation with a social enterprise ethos, to address key challenges confronting Nigeria’s pharmaceutical market. The launch, which will be chaired by Icon of Pharmacy, Former Permanent Secretary, Federal Ministry of Power, Dr. Dere Awosika, is to encourage all potential investors to participate in the building of the organisation to an enviable status.