President of the Pharmaceutical Society of Nigeria (PSN), Professor Cyril Usifoh, has urged the Federal government of Nigeria, to urgently seek additional and other complementary measures to bring down the skyrocketing prices of essential drugs in the country.
While lauding the new Executive Order, highlighting its potential to strengthen domestic production, 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.
Emphasizing the inclusion of Active Pharmaceutical Ingredients (APIs), excipients, and essential raw materials, which are crucial for manufacturing vital health products, Prof Usifoh said, “the PSN is thrilled by the order’s possibilities. We urge the coordinating minister of health to consider additional measures to immediately address the rising cost of medications in Nigeria. ‘’This could involve adjustments to tariffs and streamlining procedures by key regulators within the pharmaceutical sector.”
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,” he said.
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.
The PSN President also noted that the order has potential for success to boost specified items which includes 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.
In the face of the continuous inflation on the prices of drugs, he said “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,” he said.