Olumide Akintayo, a former President of the Pharmaceutical Society of Nigeria, has praised President Bola Tinubu for enacting an Executive Order focused on addressing the escalating prices of medications and revitalizing the country’s pharmaceutical industry.
The former PSN leader expressed that stakeholders in the sector warmly welcome the signing of the Executive Order concerning the availability of pharmaceuticals in Nigeria as a significant advancement.
According to Akintayo, this new directive is expected to boost the local production of healthcare goods, reduce healthcare equipment and consumable expenses, and encourage domestic investments.
Professor Ali Pate, the Coordinating Minister of Health and Social Welfare, recently revealed on a social media platform that President Tinubu’s issuance of the executive order aims to enhance the local production of healthcare products, including pharmaceuticals, diagnostics, medical devices such as needles and syringes, biological materials, medical textiles, and more.
Furthermore, the Minister mentioned that the Minister of Justice and Attorney General of the Federation, Prince Lateef Fagbemi, has been tasked with the subsequent actions required to formalize the new order.
The executive order has zeroed in on eliminating tariffs, excise duties, and VAT on specific machinery, equipment, and raw materials.
In recent months, the surging cost of drugs due to inflation has exacerbated the challenges in accessing healthcare services in Nigeria, with many ill individuals unable to afford essential medications.
As of 2023, GlaxoSmithKline, a renowned British multinational pharmaceutical and biotechnology corporation, disclosed their intentions to exit Nigeria following 51 years of operations in the country. This decision aligns with other significant pharmaceutical companies planning to depart from Nigeria.
Reacting to the development Naijatraffic learnt that, Akintayo mentioned, “The signing of an Executive Order on the availability of pharmaceuticals in Nigeria is a most significant development that patriots in our sector welcome wholeheartedly.
“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.”
The pharmacist stated that the new order would address major challenges confronting the nation’s pharmaceutical sector.
He noted, “The inherent parturition this Executive Order brings must trigger off a new pharmaceutical industry couched and laden with possibilities and fruitfulness.
“We must move away from perambulations in the wilderness of retrogression.
“The FG through the FMOH must progressively intervene in the matter of unfortunate tariffs and unfriendly policies churned out by some of the key regulators in the pharmaceutical sector if prices of drugs will crash in the interim because these tariffs are a major reason drugs availability, accessibility and affordability can no longer be guaranteed in alignment with the National Drug Policy.”
While commending President Tinubu’s initiative, Olumide Akintayo urged him to appoint a Pharmaceutical Adviser to harmonize various pharmacy-related efforts with his administration’s policies. Professor Ali Pate, who had earlier announced the executive order, emphasized that it would reduce production costs, boost local manufacturers’ competitiveness, and unlock the healthcare value chain, a initiative approved by the President in October 2023.
The order covers essential raw materials, including Active Pharmaceutical Ingredients, excipients, and others necessary for manufacturing vital health products like drugs, syringes, needles, insecticidal nets, and diagnostic kits.
“Specified items contained in the new Executive Order include Active Pharmaceutical Ingredients, excipients, other essential raw materials required for manufacturing of crucial health products like drugs, syringes and needles, long-lasting insecticidal nets and rapid diagnostic kits, among others.
“The Order also provides for establishing market-shaping mechanisms such as framework contracts and volume guarantees, to encourage local manufacturers”, Pate noted.
He further emphasized that the order mandates collaboration between the Ministers of Health, Finance, Industry, Trade, and Investment to develop a “harmonised implementation framework, expediting regulatory approvals and reducing bottlenecks.”
The minister highlighted that various government agencies, including the Nigeria Customs Service, NAFDAC, SON, and FIRS, will collaborate to ensure the swift implementation of the executive order, with special waivers and exemptions granted for a period of two years to facilitate a seamless transition.
