Industry stakeholders have urged the Federal Government to ease the challenges facing local pharmaceutical manufacturers, citing harsh trade policies and regulatory bottlenecks as major hurdles.
Former President of the Pharmaceutical Society of Nigeria, Olumide Akintayo, decried the high cost of regulatory compliance, stating that agencies prioritize internally generated revenue over public health.
He criticized frequent policy changes, such as mandatory label updates, which impose additional financial strain on drug manufacturers.
Similarly, President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, highlighted the delay in implementing the pharmaceutical inputs duty-free waiver, attributing it to poor coordination among government agencies.
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He clarified that despite multinational pharmaceutical companies exiting Nigeria, their factories remain operational.
Idahosa also referenced the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite's statement at Davos, affirming the government's commitment to medical industrialization. He emphasized the need for Nigeria to position itself as a regional hub for pharmaceutical production, including vaccines.
Stakeholders insist that while foreign investment is beneficial, addressing local industry challenges is crucial for the sustainability of Nigeria's pharmaceutical sector.
