By Milcah Tanimu
Pharmaceutical professionals are urging the Federal Government to allocate intervention funds to drug manufacturers in order to bolster local drug production capacities. Speaking to the News Agency of Nigeria (NAN) in Lagos, these pharmacists emphasized the necessity of such financial support to enhance production capabilities within the pharmaceutical industry.
In February 2024, pharmaceutical stakeholders, represented by the Federation of Nigerian Pharmaceutical Industry Associations (FeNPIA), proposed the creation of a N600 billion Pharmaceutical Manufacturing Development Fund. This fund, operating at a five percent interest rate over a minimum tenure of seven to ten years, aims to facilitate local production of Active Pharmaceutical Ingredients (APIs), vaccines, and other critical medical supplies, as well as encourage Research & Development (R&D) initiatives.
Wale Oladigbolu, the National Chairman of the Association of Community Pharmacists of Nigeria (ACPN), stressed the importance of a long-term intervention fund to scale up drug production. He advocated for inclusive support, extending beyond manufacturers to encompass industrialists and retailers within the pharmaceutical sector.
Oladigbolu highlighted the significance of transforming drug production in the country, emphasizing the need for governmental investment in the pharmaceutical industry. He emphasized that such intervention should be structured with a long tenure and minimal repayment pressure on beneficiaries.
Additionally, Oladigbolu emphasized the importance of effective health insurance to alleviate the burden of high medication costs on Nigerians. He pointed to successful models in countries like South Africa and urged the Nigerian government to prioritize healthcare accessibility as a fundamental human right.
Lawrence Ekhator, the Immediate Past Chairman of ACPN Lagos Chapter, echoed these sentiments, emphasizing the critical role of intervention funds in enhancing the pharmaceutical industry. He also highlighted the need to address issues such as energy shortages and import duties to facilitate optimal local drug production.
Ekhator underscored the significance of energy costs and import duties in manufacturing operations, stressing the urgency for government action to mitigate these challenges.
In conclusion, the establishment of intervention funds coupled with comprehensive reforms is deemed essential to foster growth and sustainability within Nigeria’s pharmaceutical sector, ensuring improved access to affordable and quality medications for all citizens.