FG to address high cost of drugs, boost local production
The federal government has reiterated its commitment to curb the hike in prices of drugs nationwide by encouraging local manufacturing of pharmaceutical products. The Coordinating Minister of Health and Social Welfare, Prof Ali Pate, disclosed this yesterday in Lagos during a consultation forum with pharmaceutical stakeholders. He said while the rise in the cost of […]
The federal government has reiterated its commitment to curb the hike in prices of drugs nationwide by encouraging local manufacturing of pharmaceutical products.
The Coordinating Minister of Health and Social Welfare, Prof Ali Pate, disclosed this yesterday in Lagos during a consultation forum with pharmaceutical stakeholders.
He said while the rise in the cost of pharmaceuticals is a global issue, the administration of President Bola Tinubu is putting measures in place to ensure that Nigerians have affordable and safe commodities to improve their health.
“Local manufacturing of pharmaceuticals is one area we are pursuing aggressively to ensure Nigerians have affordable commodities to improve their health. This consultation forum is a start and we will have another one in three months, to reduce barriers to local manufacturing of drugs and over time reduce the cost of pharmaceuticals,” he said.
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The President of the Federation of Nigerian Pharmaceutical Industry Associations (FeNPIA), Dr. Okey Akpa, on behalf of the stakeholders, urged the FG to create a N600 billion Pharmaceutical Manufacturing Development Fund at the Central Bank of Nigeria (CBN) or Bank of Industry (BOI) at five per cent interest over a minimum tenor of seven to ten years to support the local production of Active Pharmaceutical Ingredients (APIs), vaccines, critical supply chain interventions, and Research & Development (R&D), among others.
Among others, the body proposed a 0% duty rate for local manufacturers on pharma machinery, equipment, and accessories as well as tax incentives for pioneer status and extending the same to pharmaceutical strategic investments.