Stakeholders of the Pharmaceutical Society of Nigeria (PSN) and in the pharmaceutical industry, have lauded the signing of the Executive Order by President Ahmed Tinubu that would boost local production of pharmaceutical products which they described as most significant development in the sector.
It would be recalled that last week, President Bola Tinubu signed an Executive Order that aims to lower production costs and boost the competitiveness of local manufacturers by introducing zero tariffs, excise duties, and value added tax (VAT) on imported pharmaceutical inputs on certain machinery, equipment, and raw materials.
Among the specified items are Active Pharmaceutical Ingredients (APIs), excipients, and other necessary raw materials needed for the manufacturing of critical health products like drugs, syringes, and needles, as well as Rapid Diagnostic Kits. Additionally, the Order establishes market-shaping mechanisms, like framework contracts and volume guarantees, to support local manufacturers. Industry watchers generally hailed the move, even as they essentially adopted a let’s wait-and-see stance.
The President of PSN, Prof. Cyril Usifoh expressed appreciation on the signing of the Executive Order to increase local production of pharmaceutical diagnostics and medical devices, saying that the step taken by the President would boost local production, enhance competitiveness among manufacturers.
Usifoh noted the delight of the pharmaceutical body for the introduction of zero tariffs, excise duties and VAT on specified machinery, equipment materials aiming to reduce production costs and enhance local manufacturers competitiveness.
According to him, “the potential for success in this order is boosted because specified items include APIs, excipients, essential raw materials, required for manufacturing of crucial health products including drugs, long lasting insecticidal, bed nets, rapid diagnostic kits, and others.”
“The PSN is excited about the prospects of the order and therefore encourages the Coordinating minister of health to embark on other complimentary measures that will instantly bring down the skyrocketing prices of drugs in Nigeria one of such measures remains a tinkering with tariffs of varying dimensions and other procedures and processes being contemplated by the prime regulators in the pharmaceutical value chain,” he said.
Usifoh assured the government of Nigeria, total commitment towards the activation and actualisation of the executive order.
Also speaking, former President of the Pharmaceutical Society of Nigeria, PSN, Pharm Olumide Akintayo said the signing of the Executive Order on the availability of Pharmaceuticals in Nigeria is a welcomed development for the sector, describing it as a significant development.
“We salute the sagacity of the Coordinating Minister of Health and the PS of the FMOH who have galvanized a commendable output in the Health Sector in recent times. Prof Alli Pate is beginning to distinguish himself as one who means what he says and therefore does what he says.”
He said the inherent parturition this Executive Order brings must trigger off a new pharmaceutical industry couched and laden with possibilities and fruitfulness.
Akintayo maintained that “We must move away from perambulations in the wilderness of retrogression.”
While congratulating President Tinubu on this feat, he said it was sacred to make a case for the appointment of an Adviser, Pharmaceuticals to the President who would coordinate the plethora of endeavours that are Pharmacy based and inclined in the Tinubu administration.