As part of the efforts to mitigate the impact of the Covid-19 pandemic, the Central Bank of Nigeria (CBN) has introduced the Healthcare Care Sector Research and Development Intervention Scheme (HSRDIS).
The scheme is expected to be funded from the development component of CBN’s Micro, Small and Medium Enterprise Development Fund (MSMEDF).
The scheme provided for a maximum of N50 million grant earmarked for research activities and a maximum of N500 million grant for development and manufacturing.
According to the bank’s official website, www.cbn.gov.ng, the intervention scheme was to help strengthen public healthcare systems with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.
It said: “Specifically, HSRDIS is designed to trigger intense national research and development activities to develop a Nigerian vaccine, drugs and herbal medicines/medical devices against the spread of COVID-19 and any other communicable or non-communicable diseases.
“This will be done through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers and research institutes.
“The grants will support research and development of drugs, herbal medicines/medical devices and vaccines for the control, prevention and treatment of infectious diseases.”
The scheme was also designed to boost domestication of critical drugs and vaccines to ensure their sustainable domestic supply and reduce their bulk manufacturing cost in Nigeria.
The apex bank further explained that the overall objective is to reduce Nigeria’s dependence on other countries for those critical drugs and vaccines.
Disbursement under the scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.
“A Body development component of CBN’s Micro, Small and Medium Enterprise Development Fund (MSMEDF).
The scheme provided for a maximum of N50 million grant earmarked for research activities and a maximum of N500 million grant for development and manufacturing.
Disbursement under the scheme shall be made to beneficiaries in tranches subject to approved milestones achieved. Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals,” it added.
The broad objectives of the scheme include: providing grants for R&D in new or revalidation of the drug molecule, phytomedicines and vaccines for the control, prevention and treatment of infectious diseases.
Others are to boost domestic manufacturing of validated drugs (Active Pharmaceutical Ingredients or APIs), herbal medicines and vaccines for the control, prevention and treatment of infectious diseases in Nigeria.
Others include reducing the nation’s dependence on other countries for these drugs and vaccines; improving the capacity of the biotechnological and pharmaceutical companies, institutions, researchers, and research institutes in the development of approved Nigerian drugs, herbal medicines and vaccines for infectious diseases; among others.
