Increase Investment In Drug Producing Firms, PSN Tells FG

Pharmaceutical Society of Nigeria (PSN) has called on the federal government to increase investments in local manufacturing industries to enhance their development and growth.

The PSN chairman , Professor Cyril Usofih, who made the call during a courtesy visit to Bond Chemical Group of Companies, Awe, Oyo State, stressed the need to support local manufacturers.

Ondrug importation, he said sustaining local drug production, particularly for products that could be manufactured within the country, would discourage the reliance on imports and promote the growth of local manufacturing industries.

He assured members of the pharmaceutical society that the issue of unnecessary billing on licenses and registration would be tackled as parts of his reforms.

He said the effort is in recognising the importance of reducing bureaucratic obstacles, with the aim of creating a conducive environment for local manufacturers to thrive.

In his address, the managing director of Bond Chemical Group of Companies, Aderemi Omotosho aligned with Usofih’s views and stressed the importance of government support to meet the guidelines set by the National Agency for Food and Drug Administration and Control (NAFDAC).

He urged the PSN chairman to work towards establishing a consistent and mandatory government patronage system, similar to the insurance industry, to encourage more investors and bridge the gap in the local manufacturing sector.