LAGOS: A pharmaceutical company, ST.RACHEAL’S Pharma, has called on the National Assembly (NASS) to accelerate the enactment of a bill for an act to establish the Health Development Bank of Nigeria. The Chairman of the company, Akinjide Adeosun, made the call in an interview with the News Agency of Nigeria (NAN) on Tuesday, to mark the 2024 World Antimicrobial Resistance Awareness Week (WAAW), in Lagos.
According to News Agency of Nigeria, Adeosun stated that it was overdue to provide medium and long-term credit facilities to health institutions in Nigeria. He emphasized that such facilities would hasten industrialization, manufacturing, and boost medicine security, resulting in significant job creation.
He explained that the passage of the bill HB.1879, which proposes the establishment of a Specialized Bank with a potential single-digit lending rate, would reduce the cost of doing business for pharmaceutical value chains. This would enhance business processes across the pharmaceutical sector, from manufa
cturing and research to wholesale and retail operations.
Adeosun highlighted that the bill would also address the growing issue of antibiotic resistance, exacerbated by Nigeria’s challenging economic conditions. The floating of the Nigerian naira, removal of fuel subsidies, high energy costs, and spiraling inflation have made medicines increasingly unaffordable for many, potentially leading to sub-optimal antibiotic dosing and increased morbidity and mortality.
He pointed out the unacceptable cost of a full dose of antibiotics, currently at N20,000.00, and described it as detrimental to national health. Establishing a Health Bank could reduce patient deaths and extend the life expectancy of the pharmaceutical industry in Nigeria.
Adeosun noted that Antimicrobial Resistance (AMR) is a global concern, posing risks of morbidity and mortality, especially in middle and low-income countries. He highlighted environmental factors and poverty as contributors to the spread of resistant microbes, citing a 2017 repor
t showing increased treatment costs for healthcare-associated infections and high antibiotic use in hospitalized patients.
To address these challenges, Adeosun aligned ST.RACHEAL’S Pharma with the WAAW 2024 theme: ‘Educate, Advocate and Act Now’. He urged all stakeholders, including pharmacists, medical and veterinary doctors, botanists, microbiologists, nurses, laboratory scientists, health administrators, and environmentalists, to collaborate in combating antimicrobial resistance and improving Nigerians’ life expectancy.
He concluded by asserting that health is essential for national development, stating that only a healthy population can support a prosperous economy.
The News Agency of Nigeria (NAN) reports that ST.RACHEAL’S Pharma is a Nigerian pharmaceutical company headquartered in Lekki 1 Peninsula, Lagos, Nigeria.