Posted on: Thu 04-07-2024

The Pharmaceutical Society of Nigeria (PSN) has urged the Federal government to urgently sought other complementary measures to bring down the skyrocketing prices of essential drugs in the country.

The President of PSN, Prof Cyril Usifoh made the call while expressing the appreciation of their members and other prominent stakeholders in the Pharmaceutical Industry/Sector to President Tinubu and the Coordinating Minister of Health & Social Welfare, on the signing of the Executive Order aimed to lower the prices of pharmaceutical products.

Usifoh said one of such complementary measures remains tinkering with tariffs of varying dimensions and other procedures and processes being contemplated by the prime regulators in the pharmaceutical value chain.

He said the Federal Ministry of Health (FMOH) as part of its broad-spectrum oversight responsibilities must ensure comprehensive reforms in regulatory agencies which have lawful approbation that borders on drug use and control.

“The FMOH should additionally evaluate the reality of things since it may take a lead time of 15 to 18 months to set up new manufacturing plants if all the capital is available.”

“We certainly need improved installed capacity and capacity utilisation in the pharma industry to attain the 70 per cent target of local manufacturing of essential drugs in our country.”

According to him, President Tinubu’s signing of the Executive Order to increase local production of pharmaceuticals, diagnostics and medical devices demonstrates that the Nigeria Health Sector Renewal Investment Initiative (NHSRII) is not just another government initiative but a genuine commitment to turn around the nation’s ailing health sector.

It could be recalled that the signed Executive Order by the president introduces zero tariffs, excise duties and VAT specified machineries, equipment and raw materials aimed at reducing production cost and enhancing the competitiveness of local manufacturers.

He further noted that the potential for success in this order is boosted because specified items include active pharmaceutical ingredients, excipients, essential raw materials required for manufacturing of crucial heats products including drugs, long lasting insecticidal bed nets, rapid diagnostic kits and others.

Consumers of health naturally imagine that with an executive order, drug prices which have soared will come down automatically by a significant quantum. “The FMOH must assist the regulatory agencies in the pharma industry to have access to subsidy gaps which will automatically pave way for a review of existing tariffs which stakeholders in our industry are forced to comply with.

After the audacious act of signing an Executive Order to create a heritage which we shall consolidate and preserve, the PSN and its leadership will work towards instituting a landmark in intensive care management with holistic local content.

SOURCE: VANGUARD NEWSPAPER

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