Nigeria’s Pharmaceutical Manufacturers Group Decries High Import Duty and Operational Costs

Date:

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMGMAN) expressed concern over the escalating costs of medications in the country, attributing it to the high import duty and operational expenses.

Thank you for reading this post, don't forget to subscribe!

The group, a sub-group of the Manufacturers Association of Nigeria (MAN), highlighted the impact of customs duty, production costs, and inflation on the affordability of pharmaceuticals.

Chairman of PMGMAN, Oluwatosin Jolayemi, emphasized the challenges faced by the industry, including the use of parallel market rates by customs, discretionary duty assessments, and rising operational costs such as power. Jolayemi urged the government to consider offering a 40% rebate on calculated duty and explore funding options for the industry to ensure stable production and address the security implications of medicine shortages.

He further stressed the need for a collaborative approach, involving manufacturers in policy discussions, and emphasized the importance of viewing pharmaceutical manufacturing as a national security issue. Jolayemi highlighted the vital role of medicines in guaranteeing the nation’s quality of life and urged the government to prioritize the health and pharmaceutical sectors. He called for political will to enhance medicine security in the country and emphasized the importance of involving manufacturers in crafting solutions to industry challenges.

The industry faces uncertainties in costing, potential product discontinuations, and decreased credit sales due to the prevailing economic challenges. The call for government intervention aims to address these issues and ensure a sustainable and secure pharmaceutical manufacturing sector.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

Lagos State Governor Launches Eko Cares Initiative to Address Economic Challenges

Governor Babajide Sanwo-Olu of Lagos State initiated the Eko...

Nigerian Port Consultative Council Backs Single Window Project for Enhanced Trade

The Nigerian Port Consultative Council (NPCC) has thrown its...

Kaduna Assembly Panel Requests Finance Ministry Documents for El-Rufai Probe

The ad hoc committee of the Kaduna State House...

German police arrest 11 Nigerians over dating scam

German police said yesterday, they had arrested 11 suspected...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading