Mr Suresh Nair, the General Manager for Institutional Business, Sam Pharmaceutical Ltd., has commended the Federal government for its policies in the pharmaceutical industry.
Nair gave the commendation on the sidelines of the ongoing Pharmaceutical Society of Nigeria (PSN) Conference in Awka on Friday.
The News Agency of Nigeria (NAN) reports that the federal government is implementing major policy and regulatory reforms to transform the domestic pharmaceutical industry, reduce imports, and achieve 70 per cent local production of essential medicines.
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Nair said the zero customs duty on some pharmaceutical production machinery and inputs has encouraged growth in local medicine manufacturing.
He said under the current policy regime, more jobs had been created due to expanded production capacity as well as reduced outward flow of forex and remittances.
“I want to commend the executive order of the federal government which allows for zero customs duty in some of the machinery and other inputs.
“The policy has supported the growth of local manufacturing. It is clear that the guiding principle of today’s government is to create a market for the local industry.
“Unlike imports, which put pressure on forex and create employment in other countries, local production allows the money to circulate within Nigeria,” he said.
According to him, Nigerian pharmaceutical products are of high quality, affordable and globally competitive.
“We are pioneers in local manufacturing with about 55 years of presence in the industry,” he said
He assured that Sams Pharmaceutical would continue to support the objectives of the federal government through the delivery of quality products and enhancing global competitiveness.
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