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The President, Pharmaceutical Society of Nigeria, Prof. Cyril Usifoh, says pharmacists in the country look forward to a crash in the prices of drugs following the executive order recently signed by President Bola Tinubu waiving import duties or tariffs on pharmaceutical raw materials, equipment, and other essentials.
Usifoh said such a presidential initiative would bring down the prices of medicines in the country.
The PSN President stated this while speaking with journalists after the National Council meeting of the association in Uyo, Akwa Ibom State, on Monday.
The PUNCH reported that President Bola Tinubu recently signed an executive order to introduce zero tariffs and Value Added Tax on specialised machinery, equipment and pharmaceutical raw materials to bolster local products and essential healthcare products in the country.
The PSN President said since the pronouncement pharmacists had been having quarterly meetings with the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, on how to tackle the challenges and chart the way forward.
“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 also announced the plan to partner with the Akwa Ibom State government to establish pharmaceutical companies in the state, adding that Governor Umo Eno had shown good interest in the idea.
“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
On the PSN National Council meeting held at the weekend in Uyo, Usifoh said it was arranged to strategise on the upcoming 97th Annual National Conference of the association slated to hold from November 4 to 9, 2024 in the state.
He said that members of the National Council of the PSN, which is the policymaking body, chose Akwa Ibom State for the meeting to take briefs from NEC and the Local Organising Planning Committee for the upcoming conference.
Over 37,000 pharmacists in Nigeria and others in the Diaspora will be attending the conference that will have the Obi of Onitsha, His Majesty Igwe Nnameka Alfred Ugochukwu Achebe, as Chairman while the Coordinating Minister of Health and Social Welfare, Pate, will deliver the keynote address.
Akwa Ibom State Governor will be the Special Guest of Honour; the Senate President, Senator Godswill Akpabio, and a former PSN President, Senator Eme Ufot Ekaette, are also expected to attend, among other dignitaries.
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