CBN Headquarters, Abuja, FCT

COVID-19: CBN unveils healthcare intervention scheme for consumers

*HSRDIS is designed to enhance intense national research and development activities to develop a Nigerian vaccine, drugs and herbal medicines/medical devices against the spread of COVID-19 

*Scheme provides for a maximum of N50million grant earmarked for research activities and a maximum of N500million grant for development and manufacturing

Isola Moses | ConsumerConnect

As part of its policy response to the disruptive COVID-19 pandemic in the country, the Central Bank of Nigeria (CBN), is introducing the Healthcare Sector Research and Development Intervention Scheme (HSRDIS).

ConsumerConnect reports that the CBN, according to the information on its official website (www.cbn.gov.ng), stated that the intervention is to help in strengthening the public healthcare systems.

This is in relation to innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

The Bankers’ Bank noted: “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 is designed to boost domestication of critical drugs and vaccines to ensure their sustainable domestic supply and reduce their bulk manufacturing cost in Nigeria.

The Bank said that the overall objective is to reduce Nigeria’s dependence on other countries for those critical drugs and vaccines.

The scheme would be funded from the development component of CBN’s Micro, Small and Medium Enterprise Development Fund (MSMEDF), it stressed.

The scheme provides for a maximum of N50 million grant earmarked for research activities, and a maximum of N500 million grant for development and manufacturing.

It added: “Disbursement under the scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.

“A Body of Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals.”

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