May & Baker Nigeria Plc has called on the Federal Government to provide more support for local pharmaceutical manufacturers through improved port clearance processes, better infrastructure, and stable power supply. This follows the firm’s commendation of the duty-free policy on raw materials and active pharmaceutical ingredients, which has helped reduce drug production costs.
The Managing Director and Chief Executive Officer of May & Baker Nigeria Plc, Patrick Ajah, said the executive order signed by President Bola Tinubu allowing duty-free importation of pharmaceutical raw materials and APIs helped manufacturers suspend planned increases in drug prices.
Ajah said, “The Federal Government also did something as part of the engagements that we had with them, where the President himself signed the executive order for raw materials and API to be imported duty-free. So the raw materials that local manufacturers need are now imported duty-free.
That’s some help.” He added, “May & Baker planned to do another price increase for our drugs. But when the duty-free policy came into force, we had to suspend the price increase. It helped us to save about 10 to 15 per cent of the cost of these medicines.” Ajah, however, said manufacturers still faced major operational challenges, especially in clearing products at the ports.
“The fact that the government signed that executive order was helpful. There are still some other areas that we are engaging with the government. Bringing in products is still a bit cumbersome,” he said. “In the last month, we’ve been struggling to clear some products.
So all of those are challenging.” He also urged the government to improve infrastructure and electricity supply, warning that rising energy costs continued to increase the cost of medicines. Ajah said, “Power is a major issue. The amount we spend on power every month, whether we like it or not, is going to be added to the cost of drugs.
Before 2023, I was spending about N65m every month on power in the factory. Right now, it’s costing me about N170m every month on power.” Related News PenCom begins free healthcare scheme for low-income pensioners TCN reports 40 vandalism cases in five months Jamaica FA explains cancellation of Falcons friendly He noted that poor infrastructure around industrial areas also affected businesses, adding that companies expected improved public infrastructure in return for taxes paid to the government.
Ajah acknowledged the support provided by the Bank of Industry through lower-interest loans for local manufacturers, saying the intervention had enabled firms to acquire machinery and improve infrastructure. “We still think that there’s so much more the government can do.
In terms of assisting these companies with loans, the Bank of Industry has also done a lot in helping local manufacturers with loan facilities that are less than the commercial interest,” he said. The May & Baker boss also raised concerns over the rising burden of hypertension and diabetes in the country, attributing part of the trend to stress and economic hardship.
“Most people who die suddenly, hypertension is a significant part of it. A combination of hypertension and diabetes is actually called a dangerous alliance. Somebody could be hypertensive, but when it’s complicated with diabetes, it kills faster,” he stressed. Ajah urged Nigerians above 35 years to regularly monitor their blood pressure and blood sugar levels, stressing that hypertension medication was usually lifelong once diagnosed.