A chieftain of the All Progression Congress, Olatunbosun Oyintiloy, has urged President Bola Tinubu, as a matter of urgency, to intervene in the increase of the cost of essential drugs in the country.
Oyintiloye made the appeal while speaking with journalists on Sunday in Osogbo.
He explained that many Nigerians were currently unable to access most essential drugs due to the exorbitant prices.
The APC chieftain identified the factors responsible for the hike in prices of the drugs as the withdrawal of GSK, a major player in the pharmaceutical industry, the high rate of inflation, and the devaluation of the Naira, among others.
He equally said that the above factors, among others, had made prices of drugs such as amlodipine, augmentin, paracetamol, exforge, Coartem, and other essential drugs unaffordable for the common man.
“The National Bureau of Statistics (NBS) revealed that the value of medicines imported into Nigeria rose by 68 per cent to N81.8 billion between July and September 2023.
“The surge in the prices of drugs has placed a significant financial strain on individuals and families already struggling with the harsh economy.
“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.”
Oyintiloy who lauded President Tinubu’s efforts in rebuilding the economy, however, said there was an urgent need to redouble efforts in the health sector.
“Patients struggling with chronic diseases such as hypertension, diabetes, tuberculosis, among others, are now finding it difficult to cope with the surge in the prices of their medication.
“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 lead to an increase in the death rate in the country.
“Insulin, for instance, is now between N12,000 and N14,000, and some patients might need two or three of it in a month.
“Also, Ventolin inhaler for asthmatic patients rose from N2,000 to N9,000, and if a patient is earning N30,000 per month, how will he or she cope?”
The former lawmaker also suggested solutions that would drive investment in the health sector.
He said, “address forex problems, remove the duty tax on medication, encourage local production, and also allow a more enabling environment for the pharmaceutical company.”
He equally expressed gratitude to the Minister of Health and Social Welfare, Prof. Mohammed Pate, for meeting with representatives and Chief Executive Officers of pharmaceutical companies in Nigeria recently to find solutions to the crisis.
Oyintiloye pointed out that Pate’s assurance that the federal government was working towards policy actions that may address the high prices of medicines, especially for the most vulnerable Nigerians, was commendable.
