FG obtains $240 million in funding for regional pharmaceutical production

FG obtains $240 million in funding for regional pharmaceutical production

On Wednesday, the federal government announced that it had obtained a $240 million investment for the domestic production of generic medications from a Brazilian pharmaceutical company.

The pharmaceutical company’s identity was withheld by the minister, who revealed this during an Abuja press conference, although she did mention that at least three pharmaceutical companies had expressed interest in making investments in Nigeria.

Pate, while acknowledging that the government is moving in a remarkable direction to support domestic industry. additionally disclosed that a manufacturing facility to be established by two diagnostic companies in Lagos state is scheduled to begin operations in December 2024.

While reiterating the government’s commitment to prioritising domestic manufacturing, the minister made a suggestion that the proposed federal government executive order to lower the high cost of medical care would increase the price of imported goods and increase demand for domestically produced medical devices and products.

He bemoaned the nation’s current excessive reliance on imports for medical equipment and raw materials.

The minister stated that the government is prepared to implement the National Agency for Food and medication Regulation and Control’s 5+ 5 policy, which mandates that pharmaceutical companies domesticate their production after five years of medication marketing in order to cut imports.

He was disappointed that businesses that were leaving did not follow this rule and kept their products off the market for five years.

Pate said that the government is trying to simplify the procedures that manufacturers must take in order to establish their manufacturing company and to streamline regulations as part of efforts to lower production costs and foster a supportive environment for manufacturers.

He also emphasised that a pooled purchase of essential medications is already covered by the 2024 budget, helping to defray costs.

The minister stated that in order to strengthen the country’s pharmaceutical infrastructure, the government has started building pharmaceutical-grade warehouses in 21 states in partnership with Drug Management Agencies. He also mentioned that two additional warehouses at the federal level are being built, and all 21 of these warehouses will have the Warehousing Management Information System (WMIS) – M Supply installed.

“This ambitious project was started in October 2023 and is expected to be finished in March 2024, with a commissioning date of April 2024.”

“It is anticipated that the implementation of WMIS will greatly improve transparency and accountability, guaranteeing the efficacy of public health medications and other healthcare supplies. This infrastructure development is in line with our objective of enhancing health outcomes for the entire country’s population,” he concluded.

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