Executive order on pharmaceuticals will reduce hike in drug prices – Society

Executive directive regarding pThe recent executive decision by President Bola Tinubu to remove tariffs, excise charges, and value-added tax on imported pharmaceutical inputs is expected to slow down the rise in medicine prices, according to the Society for Pharmaceutical Sales and Marketing of Nigeria.

The SPSMN further praised the directive as a revolutionary turning point for the industry in a statement that was co-signed by its president, Tunde Oyeniran, and its director of publicity and public communications, Bunmi Ajagunna.

The Coordinating Minister of Health and Social Welfare, Muhammad Ali, announced on June 30 on X, the former Twitter platform, that Tinubu had signed an executive order to boost domestic production of medical supplies like pharmaceuticals, diagnostic tools, syringes and needles, biological and medical textiles, and more.

For a period of two years, the directive would provide specific waivers and exclusions for the products.

Pate went on to say that a unified structure for implementation would be created by the ministers of Health, Finance, Industry, Trade, and Investment, which would expedite regulatory clearances.

Following the departure of the British pharmaceutical company, GlaxoSmithKline, in August, the elimination of the fuel subsidy, and the depreciation of the naira, medicine prices experienced a 300 percent increase.

"Through lowering production costs, this policy will not only lower the cost of medications for Nigerians but also encourage investment in our pharmaceutical sector, promoting economic growth in both Nigeria and the wider West African sub-region," said the president of SPSMN.

The society also mentioned how the directive will support the pharmaceutical industry and increase local production.

The decree fosters a climate that is conducive to investment in our pharmaceutical sector. Lower production costs allow businesses to invest more in R&D, innovation, and development, which eventually helps patients.

Pharmaceutical businesses can also devote more funds to creative marketing campaigns, staff training, and broadening their market reach as a result of lower production costs. By doing this, we will be able to better inform patients and healthcare professionals about both new and current treatments, which will eventually improve patient outcomes and satisfaction.

The price of pharmaceutical products is directly impacted by the removal of tariffs and levies. In order to build stronger relationships and increase market penetration, we as sales and marketing professionals can now supply patients, pharmacies, and healthcare providers with more affordable prices, according to Oyeniran.

The society also expressed enthusiasm for the order and reiterated their commitment to supporting it.
The president of SPSMN said, "We are happy to have reached this milestone and we appreciate Tinubu's support of advancements in the pharmaceutical industry."Drug price increases will be lessened by harmaceuticals - Society