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NAFDAC Destroys N2.1bn Fake Drugs in One Year

Yetunde Oni Acting Director General National Agency for Food and Drug Administration PM NewsThe National Agency for Food, Drugs Administration and Control (NAFDAC), says over N2.1 billion worth of fake and counterfeit drugs were destroyed throughout the country in the last one year.
 
The last destruction of drugs valued at N144m took place recently in Minna, the Niger State capital.

Pharmaceutical industry and national development

PharmaceuticalThis 89th National Conference of the Pharmaceutical Society of Nigeria (PSN) is happening at a most critical time in the nation with the Nigerian economy in a recession characterised by the decline in the official naira exchange rate by more than 55% over the last one year. In the parallel market, we see an even more significant decline in the exchange rate at more than 90% over the same period. While the government would wish otherwise, the fact is that most Nigerians and their businesses unless they are well connected, they cannot source foreign exchange for their business in the official market.

Forex Scarcity: 70% Of Local Medicines Disappears From Pharmacies

CHIOMA UMEHA

LAGOS

There is growing anxiety that indigenous medicines are fast disappearing from the shelves of pharmacies in Nigeria as scarcity of foreign exchange lingers.

Raising the concern were pharmacists under the aegis of the Pharmaceutical Society of Nigeria (PSN) who alerted that 70 per cent of medicines manufactured, marketed, used, and dispensed in Nigeria are becoming near inaccessible.

PSN identified why the pharmaceutical sector, which is valued at over $2 billion is not a major contributor to the country’s Gross Domestic Product (GDP).

70% of local drugs inaccessible as forex scarcity persists

CONFPresident, Pharmaceutical Society of Nigeria (PSN), Ahmed Yakasai (left); Keynote Speaker, Olu Akanmu; and Minister of Health, Prof. Isaac Adewole, during opening ceremony of PSN’s 89th Annual National Conference with theme “Pharmaceutical Industry Contribution to National Development” held on Tuesday in Minna Niger State

PSN to donate N50m drugs to IDPs

Tunde Ajaja

The President, Pharmaceutical Society of Nigeria, Ahmed Yakasai, has said that the body will donate medicines worth N50m to internally displaced persons across the country as part of its corporate social responsibility.

He said the move was to make life better for citizens in the various IDPs camps and consolidate on similar effort it exhibited in 2015 when it donated relief items including clothing, food and medicines worth about N50m through the Borno State Ministry of Health.

Speaking in Minna, Niger State, at the 89th annual national conference of the PSN themed ‘Pharmaceutical industry contributions to national development,’ Yakasai also charged pharmacists to embrace technology in their activities so as not to be left behind.

Pharmaceutical industry and national development

This 89th National Conference of the Pharmaceutical Society of Nigeria (PSN) is happening at a most critical time in the nation with the Nigerian economy in a recession characterised by the decline in the official naira exchange rate by more than 55% over the last one year. In the parallel market, we see an even more significant decline in the exchange rate at more than 90% over the same period. While the government would wish otherwise, the fact is that most Nigerians and their businesses unless they are well connected, they cannot source foreign exchange for their business in the official market.

For the Nigerian pharmaceutical industry that is virtually import-dependent from raw materials to finished products, negative exchange rate movement at the quantum we have seen has meant skyrocketing prices for pharmaceutical products for those who could source forex. It has also meant reduced capacity utilisation for the pharmaceutical companies who are unable to source foreign exchange for their raw materials.

On the demand side, it implies expensive medicines for the Nigerian people, far above their means and the rationalisation or the contraction of demand from retail to wholesale and the factory gates. Indeed, the Pharmaceutical Society of Nigeria (PSN) has issued a rallying cry to the government for some form of preferential treatment for pharmaceutical imports given public health implications.

COMMUNIQUÉ OF THE 89TH ANNUAL NATIONAL CONFERENCE OF THE PHARMACEUTICAL SOCIETY OF NIGERIA (PSN) TAGGED “POWER STATE 2016” HELD AT THE HON.JUSTICE IDRIS LEGBO KUTIGI INTERNATIONAL CONFERENCE CENTRE, MINNA, NIGER STATE FROM 7TH TO 12TH NOVEMBER, 2016

The theme of the conference was: “Pharmaceutical Industry Contributions to National Development”

The conference was declared open by His Excellency, Prof. Yemi Osinbajo, GCON, SAN, the Vice President of the Federal Republic of Nigeria ably represented by the Honourable Minister of Health, Prof. Isaac F. Adewole, FAS. click to read more

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