President Bola Tinubu’s Presidential Order on Zero Tariffs for pharmaceutical raw materials, equipment, and other essentials received praise from the President of the Pharmaceutical Society of Nigeria, Prof Cyril Usifoh.
Prof Usifoh expressed optimism that this initiative would lead to a reduction in drug prices within the country.
Speaking to journalists after the National Council meeting of PSN in Uyo, Akwa Ibom State capital, Prof Usifoh highlighted the significance of Tinubu’s recent Executive Order. The order introduces Zero Tariffs on Excise Duty and VAT for specialized machinery, equipment, and pharmaceutical raw materials with the aim of strengthening local production and essential healthcare products in Nigeria.
The PSN president revealed ongoing quarterly meetings with the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, to address challenges and strategize a way forward following the Presidential Order implementation.
Prof Usifoh emphasized, “We are confident that the Presidential Order on Zero Tariffs for pharmaceutical raw materials and medical devices will lead to a decrease in medicine prices nationwide.
“As healthcare professionals, our focus remains on ensuring quality healthcare delivery through effective drugs and clinical services in the country.
“We aim to reduce pharmaceutical prices in Nigeria and have been engaging in quarterly discussions with the Coordinating Minister of Health and stakeholders across the value chain to communicate our challenges.
“Furthermore, we have approached the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi, SAN, to advocate for funding regulatory agencies. We anticipate full restoration of funding in the coming weeks.”
Additionally, plans were unveiled to collaborate with the Akwa Ibom State Government to establish pharmaceutical companies within the state. Prof Usifoh mentioned the positive response received from Governor Umo Eno towards this initiative.
“During our recent meeting with the governor, he expressed support for the idea.
“We believe that with proper engagement between us, industry stakeholders, and the state government, we can not only produce high-quality drugs but also supply them to the West African sub-region, contributing to foreign exchange earnings for the state and Nigeria. Countries like Gabon could potentially import high-quality medicine from Nigeria,” Usifoh added.
Regarding the PSN national council meeting held in Uyo, Prof Usifoh outlined its purpose of strategizing for the upcoming 97th Annual National Conference of PSN scheduled for November 4 – 9, 2024, in the state.
He noted that the National Council of PSN, responsible for policy-making, chose Akwa Ibom State for the meeting to receive updates from the NEC and the Local Organizing Planning Committee regarding the upcoming conference.