The Federal Government has promised to lower the high cost of medicines to ensure they are affordable for Nigerians.
This announcement was made by NAFDAC’s Director-General, Mojidola Adeyeye in a statement released on Sunday.
Ms. Adeyeye stated that the Agency is collaborating with pharmaceutical industries to reduce the high cost of medicines, ensuring affordability for Nigerians.
Ms. Adeyeye highlighted revitalizing local pharmaceutical industries as the solution to the high cost of medicines in Nigeria.
The NAFDAC boss said locally manufactured medicinal products would be more accessible and affordable compared to the imported drugs if local pharmaceutical industries are rejuvenated.
She mentioned that the devaluation of the naira significantly contributed to the high production costs locally, as the elevated exchange rates made importing raw materials and equipment for production very expensive.
Ms Adeyeye said due to difficulty associated with procurement of dollars, cost of the imported drugs has hit the roof, adding that the two multinationals industries that left the country also amounted to the high cost of some medicals.
Ms Adeyeye also disclosed that NAFDAC under her leadership started the ‘5 plus 5’ regulatory scheme which entails companies importing drugs that could be produced by the local pharmaceutical industry to et a last five-year renewal.
She also mentioned that during the five-year renewal period, the importer must migrate to local manufacturing or partner with local manufacturers, adding that this was an outcome of a study.
The NAFDAC chief explained that over 30 per cent of new companies in Nigeria sprung up as a result of the ‘5 plus 5’ initiative, adding that it had encouraged many importers to build their companies.
She stressed that some of the NAFDAC initiatives were aimed at reducing the cost of drugs, adding that local manufacturing cannot start without strengthening the regulatory process.
(NAN)
