Reps want rising cost of medicines curbed through pharma fund

…Bank of Industry to grant single-digit interest pharma loans 

The Hosue of Representatives have called on the Federal Government to create a dedicated Pharmaceutical Industrialisation Fund (Phrama Fund) under the Bank of Industry (BOI) to provide single-digit interest loans to indigenous pharmaceutical manufacturers, especially Small and Medium Enterprises (SMEs).

The House made this call after decrying what it described as high cost of Pharmaceutical products in the Country.

The House noted that the prices of essential medicines had risen astronomically over the past two years, making life-saving drugs unaffordable to millions of Nigerians, especially in rural and underserved Communities.

This is sequel to a motion sponsored by Alex Ikwechegh during plenary on Wednesday.

The Lower Chamber also cited statistics from the Nigerian Association of Pharmacists and Drug Dealers which showed that the prices of some common medications had increased by 300% to 500% due to factors including inflation, naira devaluation, import dependency and supply chain disruptions.

The House regretted that despite Executive Order issued by the Federal Government in June 2024 to eliminate tariffs, VAT, and import duties on Pharmaceutical raw materials, equipment, and machinery to lower production  costs and boost local Pharmaceutical manufacturing, the prices of drugs remain high.

The House also decried that Nigeria still imports over 70% of its medicines and active Pharmaceutical ingredients (APIs), making the country vulnerable to international price shocks, delays, and supply disruptions

The Lower Chamber further urged the Federal Ministries of Health and Social Welfare, Industry, Trade and Investment, and the Central Bank of Nigeria (CBN), to urgently implement and monitor the full operationalisation of the Executive Order on Pharmaceutical production inputs

The House also called on the Federal Ministry of Health and Social Welfare, Pharmacists Council of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), and Standards Organisation of Nigeria (SON) to fast-track the registration and quality assurance of locally produced essential medicines without compromising safety standards.

It further called on the Federal Ministry of Information and the National Orientation Agency to launch a nationwide public enlightenment campaign on the importance of local drug patronage, affordability, and national health security.