FCCPC meets with pharmaceutical stakeholders over high cost of drugs

The Federal Competition and Consumer Protection Commission (FCCPC) has engaged stakeholders in the pharmaceutical industry over the high cost of medications in Nigeria.

Tunji Bello, the executive vice-chairman and chief executive officer of the FCCPC, spoke on Wednesday at the launch of an inquiry in Abuja.

Bello said the engagement was necessary as it has become difficult for Nigerians to get access to affordable medications.

Represented by Boladale Adeyinka, the commission’s director of surveillance and investigations, the FCCPC CEO said he believes the engagement would provide solutions to the troubling issue.

“As part of our mandate, we are conducting an inquiry into the high cost and variation of drug prices in Nigeria,” he said.

“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 affects patients’ health outcomes 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.”

On her part, Salamatu Orakwelu, chairman of the Pharmaceutical Society of Nigeria (PSN), FCT branch, said 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,” Orakwelu said.

“Collaborative efforts between policymakers, healthcare professionals, and industry players are crucial in tackling these challenges and safeguarding patients’ wellbeing.

“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.”

Orakwelu also called for the government’s intervention by “taking a bold step of regulating the prices of medications. It will go a long way.”

‘FG YET TO IMPLEMENT ZERO TARIFFS ON PHARMACEUTICAL INPUTS POLICY’

On June 28, 2024, President Bola Tinubu signed an executive order to introduce zero tariffs, excise duties, and VAT on imported pharmaceutical inputs.

Four months later, Tunji Alausa, minister of state for health and social welfare, said the federal government had finalised the executive order to implement the policy.

However, Ezeh Igwekamma, national chairman of the Association of Community Pharmacists of Nigeria (ACPN), said the federal government is yet to implement the policy.

Igwekamma also said pharmacists have faced several challenges in their businesses and jobs.

“If the federal government makes a statement and stands by it, I believe it will help in a way. I know that for now, they have not implemented the zero tariffs. And some products have already been imported, even after they made the announcement and tariffs were paid,” he said.

“The high cost of electricity also affects local production that can lead to very high cost of medication.

“Most of the multinationals, the branded products are highly costly. You know that, because of the productivity, because of forex and all that, these are the things that can lead to high cost of medication. It’s a very big challenge.”

Igwekamma urged the government to intervene in by reducing the cost of energy, access to FX and low interest rates facilities for pharmaceutical industry in the country.