The President of the Pharmaceutical Society of Nigeria (PSN), Professor Cyril Usifoh, has said that the recent One Executive Order on Zero Tariffs for pharmaceutical raw materials, equipment, and other essentials will significantly reduce medicine prices in Nigeria.
Speaking to journalists after the National Council meeting of PSN in Uyo, Akwa Ibom State capital on Monday, Usifoh highlighted the importance of this order.
It will be recalled that President Bola Tinubu had recently signed an Executive Order introducing Zero Tariffs on Excise Duty and VAT on specialized machinery, equipment, and pharmaceutical raw materials to bolster local production of essential healthcare products.
The PSN president said since the pronouncement, members have been having quarterly meetings with the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, on how to tackle the challenges and chart ways forward.
He said, “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 healthcare delivery through quality drugs and other clinical services in the country.
We plan 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, Lateef Fagbemi, SAN, on the need to fund the regulatory agencies. We hope that in the next couple of weeks, funding will be fully restored.”
While announcing his future plans, Usifoh disclosed a partnership with the Akwa Ibom state government to establish pharmaceutical companies in the state. Governor Pastor Umo Eno has shown support for this initiative. “If executed properly, this will not only produce high-quality drugs but also enable us to supply to the West African Sub-Region, earning foreign exchange for the state and Nigeria.”
The choice of Uyo for the weekend meeting, Usifoh explained, was also meant to test the ground for upcoming 97th Annual National Conference of PSN slated for November in the state with over 37,000 pharmacists in Nigeria, others in Diospora expected to attend.
Chairman, Local Organising Committee of the November Conference, Monica Itemben Eimunjeze and National Secretary of PSN, Pharm. Gafar Olarenwaju Madehim said the event will open up opportunity for investors
