PSN moves to ensure reduction in cost of pharmaceuticals in Nigeria

Worried by the hike in the prices of drugs and other medical devices in Nigeria, the Pharmaceutical Society of Nigeria, PSN, said it has begun a move to ensure the reduction of their prices.

The PSN President, Professor Cyril Usifoh who disclosed this in Uyo, Akwa Ibom State capital after the National Council meeting on Monday said the association has been having quarterly meetings with the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate on how to tackle the issue and chat ways forward.

He hinted that President Bola Tinubu’s recent order on Zero Tariffs for pharmaceutical raw materials, equipment and other essentials will bring down the prices of medicines in no distant time.

He also stated that the Society had engaged the Minister of Justice and Attorney General of the Federation, Prince Lateef Fagbemi, SAN on the need to restore full funding to the regulatory agencies so as to meet its mandate.

“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.

“Our plan is 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.”

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

“We believe that if Governor Umo Eno 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. Countries like Gabon will start importing very high quality medicine from Nigeria.”

On the PSN National Council Meeting held at the weekend in Uyo, Prof Usifoh and his predecessor, Mazi Samuel Ohuabunwa said it was arranged to strategize on the upcoming 97th Annual National Conference of PSN slated for November 4 – 9, 2024 in the state.

“The upcoming November Conference will further provide an opportunity for Akwa Ibom people to engage pharmacists and strategize on how to start pharmaceutical companies in the state.”