Angela Onwuzoo The Society for Pharmaceutical Sales and Marketing of Nigeria has said that the recent executive order by President Bola Tinubu to remove tariffs, excise duties, and value-added tax on imported pharmaceutical inputs will reduce the hike in prices of drugs. SPSMN, in a statement jointly signed by its President, Tunde Oyeniran, and the Director of Publicity and Public Communications, Bunmi Ajagunna, further hailed the order as a transformative milestone for the industry. On June 30, the Coordinating Minister of Health and Social Welfare, Muhammad Ali, posted on X, formerly Twitter, that Tinubu had signed an executive order to increase local production of healthcare products such as pharmaceuticals, diagnostics, and devices such as needles and syringes, biological and medical textiles, among others.
The order would grant special waivers and exemptions for the products for two years. Pate further noted that the ministers of Health, Finance, Industry, Trade, and Investment would develop a harmonized implementation framework that would speed up regulatory approvals. PUNCH Healthwise had reported that the prices of drugs witnessed a 300 percent rise following the exit of British Pharmaceutical giant, GlaxoSmithKline, in August, the removal of fuel subsidy, and the naira devaluation.
The SPSMN president stated, “By reducing production costs, this policy will not only make medications more affordable for Nigerians but also stimulate investment in our pharmaceutical sector, fostering economic growth within Nigeria and the broader West African sub-region.” The society also noted that the order would boost local manufacturing and strengthen the pharmaceutical sector. “The order creates an attractive environment for investment in our pharmaceutical industry.
With reduced production costs, companies can channel resources into research, development, and innovation, ultimately benefiting the patients. “Also, with reduced production costs, pharmaceutical companies can allocate more resources toward innovative marketing strategies, professional development, and expanding market reach. This will enable us to better educate healthcare providers and patients about new and existing medications, ultimately improving patient outcomes and satisfaction.
“The elimination of tariffs and duties directly impacts the pricing of pharmaceutical products. As sales and marketing professionals, we can now offer more competitive pricing to healthcare providers, pharmacies, and patients, fostering stronger relationships and market penetration,” Oyeniran said The society further reaffirmed its commitment to supporting the order and expressed excitement towards its implementation. “We celebrate this milestone and thank Tinubu for championing progress in the pharmaceutical sector,” the SPSMN president said.
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