Forex Devaluation, Power Supply, And Other Factors Responsible For Rising Drug Costs In Nigeria, Minister Reveals - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Wednesday 1 May 2024

Forex Devaluation, Power Supply, And Other Factors Responsible For Rising Drug Costs In Nigeria, Minister Reveals

Forex Devaluation, Power Supply, And Other Factors Responsible For Rising Drug Costs In Nigeria, Minister Reveals

The Co-ordinating minister of health and social welfare, Ali Pate has disclosed that the Federal Government is working hard to address the escalating costs of pharmaceutical products.

Pate noted that the Tinubu administration is committed to removing all the constraints on the importation raw materials needed for local manufacturing of drugs.

The minister spoke at a webinar, “Addressing the escalating costs of medicines”, organised by TheCable to mark its 10th anniversary.

He lamented that the forex devaluation also affected manufacturers’ ability to buy raw materials and equipment which led to the rising cost of drugs in the country.

Pate noted that other factors such as power supply, technical know-how, technology, the supply chain and the regulatory landscape were also responsible for the escalating costs of pharmaceutical products.

He said: “For us in Nigeria, we have been playing catch up for 20 years. If we had built an industrial base to manufacture active pharmaceutical ingredients (APIs) and pharmaceuticals, we probably would have much less impact from the global increase in the price of APIs and the supply chains.

“This means many fund healthcare out of pocket. Many of us will be thrown into poverty if met with catastrophic health challenges like cancer and kidney failure because we don’t have a viable insurance platform.”

Pate noted that President Bola Tinubu has directed that the ministry should work in collaboration with the private sector to find a solution.

“We have had engagements with the pharmaceutical consultative forum and we are finalising an instrument from the government that will affect the fiscal policy constraints on the import of raw materials and manufacturing equipment,” the minister said.

“We are inviting several actors with the technology to partner with our local manufacturers so we have an industrial base as well. We have a viable market and we need to make a head start in that direction.”

Also speaking, the president of the Nigerian Medical Association (NMA), Uche Ojinmah said the federal government should set up a health sector development bank to encourage local pharmaceutical companies.

The NMA president noted that setting up a health sector development bank would help the local pharmaceutical industry to thrive.

He said the federal government must also ensure a reduction in importation tariffs on drugs to attract foreign investors.

“Nigeria needs to urgently declare a state of emergency, especially the pharmaceutical sector. Nigeria should go full blast in supporting the local manufacturing sector in the pharmaceutical industry with the full regulation of NAFDAC

“Nigeria should inaugurate a health sector development bank that will have different facilities for all the health care contributors and stakeholders, such that they can go to this bank fulfil the conditions which should not be as stringent as the one in CBN.

“It will encourage pharmaceutical companies to go into production of drugs we need today like antibiotics, anti-hypertensives and anti-diabetes.

“We must understand the role the health care industry plays in attracting investors. Nigerians are going deeper into poverty as a result of purchasing healthcare as about 70 per cent of Nigerians rely on out-of-pocket expenditures, which in turn implies worsening insecurity.

“Our policymakers should stop telling us about plans and start rolling out these programmes before it becomes too late, and frustrates medical doctors.”

READ ALSO:  Umahi accuses Obi of inciting Igbos, uninformed people against Tinubu’s govt

Source: TheNigeriaLawyer

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on by clicking here. For Advert Inquiries Tel/+44(0)7590363984

For More:   Subscribe to

Subscribe to Our Posts via Email

Share This

No comments:

Post a Comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "Midnight"

Post Bottom Ad