The Federation of Nigeria Pharmaceutical Industry Associations is recommending the establishment of an N600 bn Pharmaceutical Manufacturing Development Fund with an interest rate of five percent for a minimum of seven to ten years.
The group issued the appeal in a statement on Monday during a session organized by FeNPIA in honor of Prof. Muhammad Pate, the Coordinating Minister of Health and Social Welfare.
According to the group, among other things, the fund would help with local manufacture of vaccines, essential supply chain interventions, research and development, and active pharmaceutical ingredients.
Speaking during the event, the President of FeNPIA, Dr. Okey Akpa, enumerated the various factors that inhibit the growth of the pharmaceutical industry in Nigeria.
Akpa explained that the fund would help strengthen the local pharmaceutical industry and reduce the high cost of drugs, making drugs available, accessible, and affordable for all Nigerians.
“These funds will also fast-track Nigeria into becoming a natural hub for the pharma industry in Africa, with benefits ranging from healthcare to forex earnings and contribution to gross domestic product and employment,” the president added.
He urged the Federal Government to take decisive measures to tackle the challenges facing the pharmaceutical industry causing the recent scarcity of drugs and the attendant high costs.
Akpa said that factors include foreign exchange limitations, the need for a coordinated and strategic procurement process, and policy inconsistency & implementation among others.
The FeNPIA is an association representing the Nigerian pharmaceutical industry devoted to promoting the growth and sustainability of the industry, striving for Nigeria’s self-reliance in producing healthcare products adhering to global quality standards.
