PHAMARCEUTICAL INDUSTRY AND EVOLUTION.PART 10

Heypresto,in the face of this hauting quagmire,the first tonic or relief to the sinking industry,was the amendment to the Essential Drug List(EDL) decree,heavily restricted such applications only to public health institutions.The amendment further expanded local capacity,recover product base,lost product lines and grow volume,turnover and profit margins or income.When the import licence system,was jettisoned,it brought considerable relief,to that industry coupled with the latter availabiliy of foreign exchange.This made availability raw materials,and equipment to ease the pains and a great benefit.Value Added Tax(VAT),was abolished on drugs and tarrif greatly reduced on equipments and raw materials and greatly encouraged the industry.In 2012,ManufacturingToday,an investment magazine noted that there are over 200 local drug manufacturers,according to NAFDAC story,many affilliated to multinationals.