Mr Suresh Nair, general manager for institutional business at Sam Pharmaceutical Ltd., has commended the Federal Government for its policies on the pharmaceutical industry.
Nair gave the commendation on the sidelines of the ongoing Pharmaceutical Society of Nigeria (PSN) Conference in Awka on Friday.
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.
Nair said the zero customs duty on some pharmaceutical manufacturing machinery and inputs had encouraged the growth of local medicine production.
He said the policies had helped create jobs by expanding production capacity, while reducing foreign exchange outflows and remittances.
“I want to commend the Federal Government’s executive order, which allows zero customs duty on some 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 local industry.
“Unlike imports, which put pressure on foreign exchange and create employment in other countries, local production allows money to circulate within Nigeria,” he said.
Nair said Nigerian pharmaceutical products were 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 Sam Pharmaceutical would continue to support the Federal Government’s objectives by delivering quality products and enhancing global competitiveness.
