The Federal Competition and Consumer Protection Commission (FCCPC) has initiated discussions with key players in the pharmaceutical and healthcare sectors to address the soaring cost of medications in Nigeria.
The move comes amid growing consumer complaints over sharp price variations and affordability concerns.
|
|
The Executive Vice-Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, represented by the Director of Surveillance and Investigations, Boladale Adeyinka, chaired the meeting on Wednesday in Abuja.
The commission stated that the Federal Competition and Consumer Protection Act 2018 empowers it to investigate the factors behind the rising drug prices.
|
|
|
|---|
Drug prices in Nigeria have surged significantly over the past year, making essential medicines increasingly out of reach for many citizens.
The commission said the engagement was necessary and expressed confidence that it would help identify solutions to the pressing issue.
The engagement is expected to identify regulatory gaps, assess pricing structures, and explore solutions that balance business sustainability with consumer welfare.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“It has become obvious that the cost of medications has risen significantly over the past year, making it increasingly difficult for Nigerian consumers to afford the treatment they need. The high cost of drugs not only affect patients’ health outcome but also places a strain on our health care system.
“The Commission has received consumer complaints regarding the variation and high costs of drugs in Nigerian Markets.
“This inquiry is aimed to identify factors contributing to disparities in healthcare accessibility and affordability, particularly regarding drug pricing. We believe this is crucial to ensuring Nigerians have access to quality and affordable healthcare services,” he said.
The meeting brought together the Association of Community Pharmacists of Nigeria (ACPN), the Pharmaceutical Society of Nigeria (PSN), and the National Health Insurance Authority (NHIA). Also participating were NAFDAC, the Federal and State Ministries of Health, the Pharmacy Council of Nigeria, the World Health Organisation (WHO), and others with discussions focused on potential solutions.
Speaking on behalf of the PSN President, Ibrahim Tanko, the Chairman of the PSN FCT branch, Salamatu Orakwelu, emphasised that access to affordable and quality medicines is a fundamental pillar of healthcare.
READ ALSO: UNICEF urges Nigeria to reduce reliance on external health funding
“As pharmacists, we remain committed to ensuring equity, transparency, and sustainability in the pharmaceutical supply chain,” Ms Orakwelu said.
She stressed the need for collaboration between policymakers, healthcare professionals, and industry players to address the challenges of drug pricing and protect patients’ well-being.
“The PSN stands ready to support initiatives that promote price stability, enhance drug accessibility, and strengthen the NHIA for the benefit of all Nigerians. Together, we can build a healthcare system that truly serves the people,” she said
Osaretin Asowata from the Society for Family Health (SFH) called for stronger policies to enhance healthcare delivery.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
