PSN hails Tinubu’s order on zero tariffs for pharmaceutical materials

The President, Pharmaceutical Society of Nigeria, Prof Cyril Usifoh, has hailed President Bola Tinubu on the Presidential Order on Zero Tariffs for pharmaceutical raw materials, equipment and other essentials.

He said such an initiative would bring down the prices of drugs in the country.

Usifoh stated this while speaking with journalists after the National Council meeting of PSN in Uyo, Akwa Ibom State capital, on Monday.

Tinubu recently signed an Executive Order to introduce Zero Tariffs on Excise Duty and VAT on specialised machinery, equipment and pharmaceutical raw materials to bolster local products and essential healthcare products in the country.

The PSN president said since the pronouncement, members have been having quarterly meetings with the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, on how to tackle the challenges and chart ways forward.

He said, “We are hopeful that the Presidential Order on Zero Tariffs for pharmaceutical raw materials and medical devices will bring down the prices of medicine in the country.

“As healthcare professionals, we are concerned about the best healthcare delivery through quality drugs and other clinical services in the country.

“We plan to bring down the prices of pharmaceuticals in the country, so we have been having a quarterly meeting and discussion with the Coordinating Minister of Health and Social Welfare as well as other stakeholders in the value chain and tell them what we are passing through.

“We have also engaged the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi, SAN, on the need to fund the regulatory agencies. We hope that in the next couple of weeks, funding will be fully restored.”

He also announced plans to partner with the Akwa Ibom State Government to establish pharmaceutical companies in the state, adding that the governor, Umo Eno, has given a green light to the idea.

“During our meeting with the governor two days ago, we discussed the possibility and from what he said, he has acceded to the decision.

“We believe that if the governor engages us and the industrial people properly, we will not only produce high-quality drugs, but we will be able to supply to the West African sub-region and that will be a foreign exchange earner for the state and indeed Nigeria. A country like Gabon will start importing very high-quality medicine from Nigeria,” Usifoh said.

On the PSN national council meeting held in Uyo, Usifoh said it was arranged to strategise on the upcoming 97th Annual National Conference of PSN slated for November 4 – 9, 2024 in the state.

He said that members of the National Council of PSN, which is the policy-making body, decided to choose Akwa Ibom State for the meeting to take briefs from NEC and the Local Organising Planning Committee for the upcoming conference.