President Muhammadu Buhari directed the creation of an inter-ministerial committee to draw how medicines and livestock drugs can be made available to the Nigerian public reviewing some of the prevailing prices.
Graham Foggs Ltd, welcoming the executive board members of a pharmaceutical company,at State House, Abuja, on Friday, the President echoed his commitment to the progress of the quality of live of Nigerians, and then urged the Ministers of Health along side Agriculture and Rural Development to join the pharmaceutical company, “short-circuit disruptive bureaucracy, and brief me from time to time.”
Chief Sam Nda-Isaiah, a pharmacist and newspaper publisher, who led the company, aims to make needed medicines and livestock drugs accessible to the public, at a relatively reduced prices.
Nda-Isaiah said, “It has been established that 70% of Nigerians cannot afford modern medicines produced by multinational pharmaceutical companies due to their high prices,” plus the fact that most of the companies work at less than 30% installed capacity, “and it has been so for a very long time. The only break was during the Petroleum Trust Fund (PTF) days, when drug manufacturers were achieving 80% of installed capacity.”
Graham Foggs Ltd aims to reduces the prices of most of the commonly used medicines by up to 60%, producing only generic medicines which is against patented ones.
“This would be achieved without a single kobo subsidy from government, with Active Pharmaceutical Ingredients (APIs) or bulk raw materials imported from China and India for the approved local production companies in Nigeria,” he said.
He said that the finished products would be sold at fixed prices, to accomplish the purpose of the programme, including “Millions of jobs would be created across the country as pharmaceutical plants would be operating at near-maximum capacity, and this would be for medicines of all classes including livestock drugs to boost the agricultural sector. The price of every medicine, including those under the health insurance scheme, will come down.”
If you remember, President Buhari earlier in this administration decreased tariff on pharmaceutical raw materials, and multiplied finished imported products. This was to strengthen and encourage local production of medicines, for the good of ordinary Nigerians.