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Pharmacists request for tax exemptions in Kwara

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INDUSTRIAL pharmacists in Kwara State have asked the incoming government to provide a tax concession and exemptions to pharmaceutical companies in the state towards creating a more enabling environment for increased productivity in the sector.

Speaking at the fifth-anniversary programme of the National Association of Industrial Pharmacists (NAIP) in Ilorin at the weekend, the state chairman of the association, Mr Gbenga Bambe, said that present tax regime in the State places heavy financial situation on the manufacturing companies.

The association, which called for a five-year tax holiday and infrastructural support from government to assist the pharmaceutical industry, also requested for direct budgetary allocations to biotechnology research and development.

It said that waiver of taxes on research materials and equipment would also go a long way to create a better environment for increased productivity.

Speaking on the theme of the anniversary, Creating an enabling environment with modern technology for pharma revolution in Nigeria, Mr Bambe said that biggest challenge in the country was for the industry to align with technology and getting pharma employees to be more innovative and responsive in their thinking to enable optimal use of modern technology.

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“Technical advancement has become increasingly critical for firms including pharmaceutical companies in order to achieve competitive advantage,” he said.

The industrial pharmacist, who said that the technological revolution in the pharmaceutical industry in Nigeria is slow and missing out in most parts, added that technological breakthrough in developed societies should be emulated with use of technological tools.

“It will help during new drug development and in fact, it reduces development costs. It will tackle a lot of productivity challenges, particularly formulation/dosage form challenges. The advent of high tech machines and its application will increase production output and improves the quality management system of the entire facility,” he said.

He also said that creating an enabling environment with modern technologies required money, adding that funding is key in meeting demands posed by dynamics in the industry.

“The absence of stable electricity has forced manufacturing companies to spend huge sums of money in alternative sources of power such as generators, solar energies and inverters, among others. Each of these options cost a lot of money to maintain and consequently drive the cost of production to the roof,” he said.

The post Pharmacists request for tax exemptions in Kwara appeared first on Tribune Online.

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