The federal government has promised to reduce the high prices of medicines to ensure they are affordable for Nigerians. This will be achieved by revitalizing domestic pharmaceutical firms.
Professor Mojidola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), affirmed this in a declaration released on Sunday in Abuja. The announcement revealed that Adeyeye provided the guarantee during a webinar lecture hosted by The Cable Newspaper to commemorate its 10th anniversary, focusing on the theme “Addressing Costs of Medicines”.
According to a statement from NAFDAC’s Resident Media Consultant, Sayo Akintola, on Sunday, Adeyeye emphasized that the Tinubu administration prioritizes local content, aligning with the agency’s objectives. This focus is expected to boost the nation’s GDP and decrease unemployment rates.
The Director-General noted that reviving local pharmaceutical industries would make domestically produced medicines more available and cost-effective compared to imported ones. She explained that the devaluation of the Naira significantly contributed to the high local production costs, as the expensive exchange rate inflated the prices of imported raw materials and equipment.
She pointed out that the challenges in acquiring dollars further escalated the cost of imported drugs, and the departure of two multinational companies also contributed to the increased prices of certain medical products.
“To encourage the local pharmaceutical industry to grow, Prof Adeyeye reiterated that NAFDAC under her leadership started the “5 plus 5” regulatory scheme where a company that has been importing drugs that the local pharmaceutical industry is able to produce will get a last five-year renewal.
“During the five-year renewal period, the importer must migrate to local manufacturing or partner with a local manufacturer.
“This is an outcome of a study that was done in 2019 that revealed that the top 5 drugs that are imported are also the top 5 drugs that are manufactured in Nigeria,” the statement read.
Adeyeye noted that from that initiative, “more than 30 per cent of new companies in Nigeria are results of the ‘5 plus 5’ scheme, which has many importers to start “building their own companies or partnering with local manufacturers through contract manufacturing,”
The statement also cited Professor Ali Pate, the Coordinating Minister of Health and Social Welfare, mentioning that the policy initiatives implemented by President Bola Tinubu would soon start to have an impact on crucial medical supplies.
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