The President of the Pharmaceutical Society of Nigeria, Prof. Cyril Usifoh, expressed optimism about a potential decrease in drug prices in the country.
This positive outlook is attributed to the recent executive order signed by President Bola Tinubu, which eliminates import duties on pharmaceutical raw materials, equipment, and other necessary items.
Usifoh believes that this presidential action will lead to a reduction in medication costs within Nigeria.
Following the National Council meeting of the association in Uyo, Akwa Ibom State, Usifoh shared these views with journalists.
NAIJATRAFFIC Report that , the executive order, signed by President Tinubu, aims to waive tariffs and Value Added Tax on specific machinery, equipment, and pharmaceutical raw materials to support local production and essential healthcare items.
Usifoh further mentioned that pharmacists have been engaging in regular meetings with Prof. Muhammad Pate, the Coordinating Minister of Health and Social Welfare, to address current challenges and plan future strategies effectively.
“We are hopeful that the presidential order on zero tariffs for pharmaceutical raw materials and medical devices will bring down the prices of medicine in the country.
“As healthcare professionals, we are concerned about the best health care delivery through quality drugs and other clinical services in the country.
“Our plan is to bring down the prices of pharmaceuticals in the country, so we have been having a quarterly meeting and discussion with the Coordinating Minister of Health and Social Welfare as well as other stakeholders in the value chain and tell them what we are passing through.
“We have also engaged the Minister of Justice and Attorney General of the Federation, Prince Lateef Olasunkanmi Fagbemi (SAN), on the need to fund the regulatory agencies. We hope that in the next couple of weeks, funding shall be fully restored.”
He revealed plans to collaborate with the Akwa Ibom State government to set up pharmaceutical companies, noting that Governor Umo Eno has expressed strong support for the initiative.
“During our meeting with the governor two days ago, we discussed the possibility and from what he said, he has acceded to the decision.
“We believe that if the governor engages us and the industrial people properly, we will not only produce high-quality drugs but we will be able to supply to the West African sub-region and that will be a foreign exchange earner for the state and indeed Nigeria. A country like Gabon will start importing very high quality medicine from Nigeria,” Usifoh said.
At the PSN National Council meeting in Uyo, Usifoh disclosed that the gathering aimed to plan the 97th Annual National Conference, scheduled for November 4-9, 2024, in Akwa Ibom State.
The National Council, the association’s policymaking body, met to receive updates from the NEC and Local Organising Planning Committee.
The conference expects over 37,000 pharmacists from Nigeria and abroad, with notable attendees including the Obi of Onitsha, Igwe Nnameka Alfred Ugochukwu Achebe (Chairman), Coordinating Minister of Health and Social Welfare, Pate (keynote speaker), Akwa Ibom State Governor (Special Guest of Honour), Senate President Godswill Akpabio, and former PSN President Eme Ufot Ekaette, among other dignitaries.
