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What you should know about the latest made in Nigeria drugs.

Drugs: FG To Curb Soaring Costs

According to Mojisola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), the federal government has pledged to reduce the soaring cost of drugs and essential medications to make it affordable to Nigerians.

She made this statement on Sunday.

According to Ms Adeyeye, the current high cost of medicines in the country will become a thing of the past as the Agency is working in partnership with pharmaceutical industries to bring down the cost of drugs.

She identified the rejuvenation of the local pharmaceutical industries as a panacea for the high cost of medicines in the country.

The NAFDAC boss said locally manufactured medicinal products would be more accessible and affordable compared to imported drugs if local pharmaceutical industries are rejuvenated.

According to her, the devaluation of the naira accounted largely for the high cost of production locally as the high exchange rate made procurement of raw materials and equipment imported for production extremely high.

Ms Adeyeye said due to the difficulty associated with the procurement of dollars, the cost of the imported drugs has hit the roof, adding that the two multinational industries that left the country also amounted to the high cost of some medicals.

Ms Adeyeye also disclosed that NAFDAC under her leadership started the ‘5 plus 5’ regulatory scheme which entails companies importing drugs that could be produced by the local pharmaceutical industry to get a last five-year renewal.

She also mentioned that during the five-year renewal period, the importer must migrate to local manufacturing or partner with local manufacturers, adding that this was an outcome of a study.

The NAFDAC chief explained that over 30 per cent of new companies in Nigeria sprung up as a result of the ‘5 plus 5’ initiative, adding that it had encouraged many importers to build their companies and stressed that some of the NAFDAC initiatives were aimed at reducing the cost of drugs, adding that local manufacturing cannot start without strengthening the regulatory process.