By Ajayi Jessica
President Ahmed Tinubu has signed an Executive Order to increase local production of pharmaceutical products, diagnostics, and medical devices.This aim is implemented to reduce the country’s dependence on imported drugs, improve the healthcare system and to promote competitiveness.
The Executive Order such as zero tariffs, excise duties, and VAT on specified machinery, equipment, and materials. This aim is expected to reduce production cost ,boost local production, and stimulate economic growth. Prof .Cyril Osifoh, president of pharmaceutical society of Nigeria (PSN) expressed gratitude .
lndustry leaders has hailed the move as a significant milestone in transforming Nigeria’s pharmaceutical industry.
“This Executive Order will revolutionize the sector, making drugs more affordable and accessible to Nigerians”The former President of the PSN, Pharm Olumide Akintayo,said it is a significant development that avability of pharmaceutical will transform the pharmaceutical industry in Nigeria.
“We salute the sagacity of the Coordinating Minister of Health and the PS of the FMOH who have galvanized a commendable output in the Health Sector in recent times,Prof Alli Pate is beginning to distinguish himself as one who means what he says and therefore does what he says.”
According to the president of PMG-MAN pharm oluwatosin Jolayemi, commended president Bola Tinubu and prob Ali Pate the coordinating minister of health also Dr Tunji Alausa, minister of state for health implies that the executive order will reduce some of Nigeria’s concern when it comes to the increase in cost of medicineWith the Executive Order in place, Nigeria is set to become a hub for pharmaceutical production, the president is sacred to taking necessary on the enhancement of accessibility, availability and affordability of drug production in Nigeria.