The Federal Competition and Consumer Protection Commission (FCCPC), has launched an inquiry into the high cost of drugs and price disparities across Nigeria.
The Inquiry, which began on Wednesday in Abuja, is titled “Inquiry into the High Cost and Variation of Drug Prices in the Pharmaceutical and Healthcare Sector.”
The session, attended by Nairametrics, later featured a technical discussion that brought together key stakeholders, including the Association of Community Pharmacists of Nigeria (ACPN), the Pharmaceutical Society of Nigeria (PSN), and the National Health Insurance Authority (NHIA).
Drug Pricing Probe Necessary
Speaking at the session, Bola D. Adeyinka, Director of Surveillance and Investigation at the FCCPC, who represented Olatunji Bello, the Commission’s Executive Vice Chairman, said that the FCCPC, under the Federal Competition and Consumer Protection Act of 2018, is empowered to promote fair business practices and safeguard consumer interests.
“As part of our mandate, we are conducting an inquiry into the high cost and variation of drug prices in Nigeria,” she said.
- She emphasized that medication costs have risen significantly over the past year, making it increasingly difficult for Nigerians to afford essential treatments.
- Adeyinka noted that the high cost of drugs not only affects patients’ health outcomes but also places a strain on the healthcare system.
- She highlighted that, in some cases, the price disparity for the same drugs across different locations reaches 200 per cent.
- She explained that the inquiry was triggered by consumer complaints received by the Commission regarding the rising costs and price variations of essential medications in Nigerian markets, particularly for blood pressure and diabetes drugs.
“This inquiry aims to identify the factors contributing to disparities in healthcare accessibility and affordability, particularly concerning drug pricing,” she said.
She assured Nigerians that the Commission is committed to ensuring access to quality and affordable healthcare services across the country.
According to her, a final report will be released upon the conclusion of the investigation.
PSN Supports the Inquiry
Speaking on behalf of the President of the Pharmaceutical Society of Nigeria (PSN), Ibrahim Tanko, the FCT Chairman of PSN, Salamatu Orakwelu, emphasized the urgency of addressing high drug costs and price variations, especially for drugs covered under the NHIA.
“Access to affordable and quality medicine is a fundamental pillar of healthcare. As pharmacists, we remain committed to ensuring equity, transparency, and sustainability in the pharmaceutical supply chain,” she said.
She called for a collaborative effort among policymakers, healthcare professionals, and industry players to tackle these challenges and safeguard patients’ well-being.
She further stated that the PSN stands ready to support initiatives that promote price stability, enhance drug accessibility, and strengthen the NHIA for the benefit of all Nigerians.
What You Should Know
Nairametrics previously reported that drug prices in Nigeria surged by more than 100% ahead of Christmas, exacerbating financial burdens and raising concerns about access to essential medications during the festive season.
Prices of drugs used in the treatment of common illnesses, such as malaria and high blood pressure, more than doubled in some cases, according to a Nairametrics survey conducted in Lagos and Abuja.
