Indigenous drug producers are calling for a decrease in the high interest rate that is hindering their production activities. They made this plea at the 13th yearly Symposium and Award Ceremony organized by the Health Writers Association of Nigeria (HEWAN) in Lagos. The theme of the event was ‘Dwindling Local Drug Production and High Cost of Essential Medicines: Rethinking Strategies for Growth.’
Chairman of St. Racheal’s Pharmaceutical Nigeria Limited, Akinjide Adeosun, highlighted the challenges faced by pharmaceutical companies in Nigeria due to the high interest rates, tough economic environment, and regulatory hurdles. He emphasized the need for the government to focus on growth rather than inflation to support local drug production.
The symposium recommended that the government provide grants to businesses in the pharmaceutical industry and fund locally produced generic pharmaceutical products. It also suggested that the Federal Inland Revenue Service focus on key tax types and eliminate taxes that impede business growth.