A chieftain of the All Progressive Congress (APC) in Osun State, Olatunbosun Oyintiloye, has appealed to President Bola Ahmed Tinubu to urgently intervene to bring down the rising prices of essential drugs in the country....CONTINUE READING
Speaking with journalists in Osogbo, the capital of Osun, on Sunday, Oyintiloye said the fluctuating exchange and inflation rates have affected the prices of essential drugs.
The APC chieftain said the exit of GlaxoSmithKline (GSK) and some other drug manufacturers from Nigeria, has also contributed to the “extremely” high prices, making the most essential drugs inaccessible to many Nigerians.
“When the local currency weakens against foreign currencies, the expenses incurred in procuring these essential medical supplies rise, consequently driving up the overall prices of medicines in the country.
“The scarcity or limited availability of foreign exchange exacerbates as a ripple effect, forcing manufacturers to compensate by increasing the prices of medicines to cover their higher operational costs.
“The way the prices are going up, people who are in need of most of the essential drugs might not be able to afford it and this might increase in death rate in the country.
“Insulin, for instance, is now between N12,000 and N14,000, and some of the patients might need two or three of it in a month.
“Also, ventolin inhaler for asthmatic patient rose from N2000 to N9,000, and if a patient is earning N30,000 per month, how will he or she cope?” he queried.
While commending Mohammed Pate, Minister of Health for meeting with representatives of pharmaceutical companies in Nigeria to find solutions to the crisis, he urged the government to promote investments in the healthcare industry, deal with the foreign exchange issue, eliminate the duty tax on pharmaceuticals, support domestic manufacturing, and create more favourable conditions for drugs manufacturers.
