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By Chukwumah Kelechukwu
The National Agency for Foods, Drugs Administration and Control (NAFDAC) has finalised new drugs registration policy that will localise over 50 drugs currently being imported from overseas.
The NAFDAC product registration policy tagged Five Plus Five implies that for every imported pharmaceutical product registered in the country, the franchise owners will have to work out arrangement for local manufacturing of the product in the country if they wish to revalidate its NAFDAC registration for another five years.
Inside Business gathered that the policy could compel local manufacturing of 50 import pharmaceutical products under a local manufacturing partnership.
In the alternative, the franchise owners of the products will have to establish own factory for manufacture of the target products.
Briefing newsmen in Lagos, the Chairman, Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (MAN), Mr. Fidelis Ayabae, said the new policy shift is intended to encourage creation of jobs for millions of unemployed youth population.
Ayebae who is also the Managing Director and Chief Executive Officer, Fidson Healthcare Plc, explained that the policy shift was a direct outcome of the group’s advocacy reach out to the governments, pointing out that government can no longer ban certain products being a signatory to World Trade Organisation (WTO) that entails open borders.
“These days where trade treaties require governments to open borders, you can’t come straight to place a ban on certain products unlike many years ago when government directly banned importation of 17 pharmaceutical products including paracetamol, betamethasone, artemisin, and others.
“Government can’t take such action now. However, this new policy promises to bring a minimum of additional products into this net (of banned products) in the next one year,” Ayebae revealed.
While noting that every region of global trade is introducing some kind of trade barriers, the Fidson boss expressed hope that positive impact of the new policy is going to be a revenue driver for indigenous pharmaceutical manufacturing companies which have World Health Organisation (WHO) standard factory such as Fidson.
According to him, Fidson’s WHO standard factory is in the process of being certified and pre-registered by the World Health Organisation, a process which he described as rigorous and painstaking.
He expressed hope that the WHO pre-registration process would be completed in about six months from now, adding that the new factory has boosted production and earnings potentials of the company.
He also disclosed that the pharmaceutical group of the MAN has been on advocacy for the establishment of a N300billion funds for the pharmaceutical industry, saying there is a strong hope government buy-in of the advocacy.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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