The Federation of Nigeria Pharmaceutical Industry Associations is proposing the creation of N600bn Pharmaceutical Manufacturing Development Fund at five per cent interest over a minimum of seven to 10-year tenure. Akpa explained that the fund would help strengthen the local pharmaceutical industry and reduce the high cost of drugs, making drugs available, accessible, and affordable for all Nigerians. He urged the Federal Government to take decisive measures to tackle the challenges facing the pharmaceutical industry causing the recent scarcity of drugs and the attendant high costs. ”Based on extant fiscal policy, raw materials for pharmaceutical products are to be value-added-tax free and this should be sustained as against the recent push by the Nigeria Customs Service to introduce VAT to some pharmaceutical raw materials and even some finished pharmaceutical products. Our local industry will thrive.

Source: Punch February 06, 2024 14:00 UTC