• Tuesday, February 27, 2024
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FG in talks with Swiss firm for local production of drugs

FG eyes bulk buying to tame runaway drug prices

The Federal Government has opened talks with Bio Investments Group, a Swiss-based company with affiliates in 11 countries, for the local manufacturing of In Vitro Diagnostics (IVDs) and biologics in Nigeria. The move is also aimed at unlocking the country’s healthcare value chains this year.

In a clinical context, IVDs are used to detect diseases, conditions and infections. These tests may be done in laboratories, healthcare facilities, or even at home, while biologics, while biologics are medications that come from living sources. They’re used to treat a wide range of conditions — from autoimmune disorders to cancer. They are more complex than other medications.

Muhammad Ali Pate, the coordinating minister of Health and Social Welfare, met with 𝐒𝐚𝐦𝐢𝐫 𝐌𝐚𝐜𝐡𝐨𝐮𝐫, chairman/chief executive officer of the 𝐁𝐢𝐨 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐆𝐫𝐨𝐮𝐩, to discuss collaborative efforts at the ministry of health headquarters in Abuja.

Pate, who disclosed this in his verified X account on Wednesday, expressed the readiness of 𝐁𝐢𝐨 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐮𝐩 to work with Nigeria, through National Institute for Pharmaceutical Research and Development (NIPRD), in accelerating Nigeria’s efforts towards self-reliance in the medium to longer term.

“We are moving forward in 2024 to unlock Nigeria’s healthcare value chains, inspired by President Bola Ahmed Tinubu, @officialABAT leadership. Today we were glad to receive Mr. 𝐒𝐚𝐦𝐢𝐫 𝐌𝐚𝐜𝐡𝐨𝐮𝐫, the chairman & chief executive officer of the 𝐁𝐢𝐨 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐆𝐫𝐨𝐮𝐩, and discuss collaborative efforts to deliver on the presidential directives, through rapidly stimulating local production of in vitro diagnostics and biologics in Nigeria”, he wrote

The minister stressed that domestic manufacturing of IVDs, generic pharmaceuticals, vaccines, biologics, and medical devices is critical to advancing the health and well-being of all Nigerians.

According to Statista, the projected revenue in the In Vitro Diagnostics market in Nigeria is expected to reach US$119.40m in 2024. It added that the market for IVDs has experienced significant growth during the years 2020 and 2021, driven by the COVID-19 pandemic.

The minister further explained that the collaboration was in line with President Tinubu’s desire to “unlock the healthcare value-chain as part of Nigeria’s health sector renewal programme, is to optimise end-to-end R&D pathways for addressing priority diseases in Nigeria.

“While we fully acknowledge the current tough economic and business environment, we are confident that the dark clouds will abate and Nigeria shall emerge as envisioned in the Renewed Hope Agenda”, the minister said.