Business
RMRDC: Imports On Pharmaceuticals Hit N3trn In Six Years
The Raw Materials Research and Development Council (RMRDC) says not less than N3.06trillion has been spent to import pharmaceutical products into Nigeria within the last six years.
RMRDC, which is a Federal Government agency responsible for industrial raw materials growth, promotion and utilisation, in its report made available to journalists, noted that Nigeria spent the sum of N126.1bbillton on pharmaceutical imports in 2016.
In 2017, the figure reduced marginally to N118.9billion, while 2018 saw an increase to N185.5billion.
In 2020, ostensibly due to the COVID-19 crisis, Nigeria spent N1trillion to import pharmaceuticals. In 2021 and 2022 N544.4billion and N445.7billion were spent to import pharmaceutical products into Nigeria respectively.
In the report, major pharmaceutical products imported during this time included Heparin and its salts, vaccines, toxins, wadding, gauze medicines of mixed and unmixed products for retail sale.
In contrast, Nigeria was only able to export products worth N3billion during the period in review, leaving the deficit balance of trade at N3.03trillion.
According to the RMRDC report, a high propensity among Nigerian industries and businesses for consumption/utilisation of foreign raw materials and products accounts for one of the major challenges encouraging the importation of foreign products.
Meanwhile, experts have stated that the continued scarcity of forex may lead to a public health crisis if decisive action is not taken to address the situation.
They have also explained that the prices of drugs have already doubled within the last few year, due to the forex crisis, and runaway inflation that has plagued the economy.
According to the experts, disruptions in the medicine supply chain had become a national security issue and that dependence on imported medicines had left a devastating mark on the local industry and the national
By: Corlins Walter
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