Economic Downturn Further fall in exchange rates will cause a shortage in drugs

President PSN, Ahmad Yakasai and Okey S. Akpa, PMG – MAN called on the Federal Government to make available an intervention fund for the pharmaceutical sector and also foreign exchange to procure critical materials.

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Further fall in exchange rates will cause a shortage in drugs play

Further fall in exchange rates will cause a shortage in drugs

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Following the shortage in foreign currencies, Pharmaceutical Society of Nigeria (PSN) and Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) are alerting West African countries of the danger the economic instability will cause.

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The associations have stated that the current devaluation of exchange rates will result in shortage of drugs, if the scarcity of foreign exchange for importation of critical raw materials persists.

President PSN, Ahmad Yakasai and Okey S. Akpa, PMG – MAN called on the Federal Government to make available an intervention fund for the pharmaceutical sector and also foreign exchange to procure critical materials.

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They stated that although the government policy targeted 70% utilization of local capacity in drug production but only about 30% is being utilized.

As of this morning, (February 16, 2016) the naira was standing against dollar at N345 to $1 and several reports say that the dollar is being hoarded with believe that the fall will rise to N400 to $1

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