Pharmaceutical firms top new market entrant list

By Chimwemwe Mangazi:

Over 100 new pharmaceutical firms are reported to have been established across the country in 2018, topping the list of new businesses establishments.

This is according to a recent study conducted by the National Association of Small and Medium Enterprises (Nasme).

Other sectors, with more new entrants according to the study, include agro-processing, grocery retail and wholesale shops, horticulture, general farming, design and tailoring, passenger transportation services, and accommodation service provision.

Nasme National Coordinator, William Mwale, attributed the good performance of the pharmaceutical firms to the enthusiasm of budding entrepreneurs.

“More people with a medical background are venturing into business and that is what we have been advocating for” Mwale said.

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One of the entrepreneurs in food business, Stephen Njolomole, said entrepreneurship is way to go.

“Entrepreneurs play a central role in the economy by establishing firms, which in turn create markets and organisations,” Njolomole said.