An indigenous pharmaceutical company, St. Racheal’s Pharma has called on President Bola Tinubu to remove import duty and levy on critical pharmaceutical products.
The company stated this is imperative to help the poor and other vulnerable to access quality and affordable healthcare wherever they live and work across Nigeria.
The chairman and CEO of the company, Akinjide Adeosun, made the call on Saturday in a message to commemorate the seventh anniversary of the organisation.
According to him, the government should declare a state of emergency in the health sector saying many Nigerians are really passing through difficult times at the moment due to the increasing costs of goods and services including healthcare and pharmaceuticals.
He traced the economic hardship and inflation largely to the removal of fuel subsidy and the floating of the foreign exchange by the current government, putting heath of many at risk.
While still commending the federal government on the recent removal of import duty and value added tax on active pharmaceutical ingredients, Adeosun stated that the local drug manufacturers need to be encouraged as a long-term intervention towards drug security in the country.
According to him, the intervention should be able to at least reverse the current ratio of 60%:40% imported drugs against the locally produced drugs in the other way round to favour the local production.
Explaining what government would need to do to achieve drug security, Adeosun, in a statement, advocated, among others, urgent engagement with the exited pharmaceutical companies to bring their investment back in the area of Research & Development (R&D).
The Minister of Trade & Investment, he suggested, could champion this cause and also partner with local drug manufacturers.
“Another measure is for government to, without delay, remove import duty and levy on critical pharmaceutical products such as antibiotics, antihypertensive and anti-diabetics because of their high-cost implications, especially for the poor.”
This initiative, he pointed out, will greatly help in reducing the cost of drugs in the country.
Adeosun also called for capacity building for healthcare practitioners as the exit of multinational pharmaceutical companies from Nigeria in the recent past, according to him, has created a significant gap in this regard.
Furthermore, he added that “It is equally important that government provides enabling environment to attract the newcomers including foreign investors to the pharmaceutical industry.
“There is also the need to encourage more students’ enrolment for medical-related courses, and the extension of the health insurance scheme by the government to indigent patients free of charge across the country.
Adeosun emphasised that government would need to do everything possible to improve the life expectancy of Nigerians, promising St Racheal’s Pharma continued commitment to Nigeria’s health sector and the economy at large.