The Pharmaceutical Society of Nigeria (PSN) President, Prof. Cyril Usifoh has applauded the government over its recent Executive Order introducing Zero Tariffs on pharmaceutical raw materials and equipment as it marks a pivotal development in Nigeria’s healthcare sector. This policy aims to reduce the cost of medicines by removing Excise Duty and VAT on essential pharmaceutical inputs.
Why It Matters
President Bola Tinubu’s recent Executive Order introducing Zero Tariffs on Excise Duty and VAT for specialized machinery, equipment, and pharmaceutical raw materials is expected to significantly impact the cost of drugs in Nigeria. This initiative aims to reduce the prices of pharmaceuticals, making healthcare more accessible and affordable for the population. This development also sets the stage for significant collaborations and strategic planning within the pharmaceutical industry, as demonstrated by recent meetings and future plans outlined by Usifoh and the PSN.
What They Are Saying
Prof. Cyril Usifoh, President of the Pharmaceutical Society of Nigeria (PSN), has praised the Presidential Order. He believes the measure will contribute to lowering drug prices and enhancing healthcare delivery through quality drugs and clinical services. Usifoh emphasized that the PSN has been actively engaging with key stakeholders, including the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, and the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi, SAN, to address challenges and improve funding for regulatory agencies.
Plans for Local Pharmaceutical Production
Usifoh also highlighted plans to collaborate with the Akwa Ibom State Government to establish pharmaceutical companies in the state. Governor Umo Eno has reportedly supported this initiative. Usifoh envisions that this collaboration will not only produce high-quality drugs but also enable Nigeria to export pharmaceuticals to the West African region, generating foreign exchange for the country.
Upcoming PSN National Conference
The PSN National Council meeting in Uyo, Akwa Ibom State, was organized to strategize for the 97th Annual National Conference of PSN, scheduled for November 4 – 9, 2024. The meeting provided an opportunity for the council to receive updates from the National Executive Committee (NEC) and the Local Organizing Planning Committee, ensuring effective planning for the upcoming conference.
