The Pharmaceutical Society of Nigeria (PSN), Lagos State chapter, has accused the Federal Government and NAFDAC of worsening the surge in drug prices despite policy interventions.State Chairman, Oyekunle Babayemi, said President Tinubu's June 2024 exe… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Pharmacists blame FG, NAFDAC as drug prices soar, threaten SMEs By Busola Bamidele on September 1, 2025 The Pharmaceutical Society of Nigeria (PSN), Lagos State chapter, has accused the Federal Government and NAFDAC of worsening the surge in drug prices despite policy interventions. State Chairman, Oyekunle Babayemi, said President Tinubu's June 2024 executive order meant to reduce drug costs has "failed completely," as life-saving medicines remain scarce and more expensive. He faulted NAFDAC's "exploitative" fees, noting that manufacturers pay nearly $11,000 for site visits, while additional "desk review" charges of $5,000 discourage competition. According to him, the policy is forcing many small pharmaceutical businesses to shut down. Read also: Pharmacists blame FG, NAFDAC as drug prices soar, threaten SMEs FG, BoI roll out N75bn support fund for 75,000 SMEs How to build influence without a fancy title FG targets 8% GDP growth to achieve $1 trillion economy by 2030 FG reaffirms commitment to empowering youth entrepreneurs Babayemi also warned that NAFDAC's proposed Track and Trace policy could push drug prices up by another 70–85%, describing it as "suicidal" for struggling patients. He called on President Tinubu to set up a Presidential Committee on the pharmaceutical sector, insisting pharmacists must lead reforms to save SMEs and make drugs affordable.

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