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Tinubu Plans Executive Order To Address Medicine Costs – Health Minister

Tinubu

Attorney-General of the Federation (AGF), Lateef Fagbemi, has been instructed by President Bola Tinubu to draft an executive order regulating pharmaceutical product prices and lowering the cost of vital medications for residents.

President Tinubu through the Coordinating Minister of Health and Social Welfare, Ali Pate disclosed this on Saturday during a pharmaceutical stakeholders conference in Lagos, where challenges impacting the business were emphasised and deliberated.

He said, “The Nigerian Pharmaceutical industry is heavily import-dependent. Most of our production inputs and finished pharmaceutical products are imported, which only means that the final pricing of the finished product depends on the Foreign Exchange (FOREX) rate.

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“As much as we understand the current monetary exchange regime in the country, we strongly recommend that the pharmaceutical industry be given special priority to access FOREX at rates that will moderate the final cost of medicines and other strategic healthcare commodities of critical need.

“NAFDAC is working assiduously with the Nigerian pharmaceutical industry to boost local production and place the industry on the global pedestal.

“We recommend continued and adequate support for the agency to continue in its role of working effectively with the industry players.”

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