The Federal Competition and Consumer Protection Commission (FCCPC) has launched an inquiry into the rising cost and price variations of essential drugs across Nigeria, raising concerns over accessibility and affordability.
The investigation, which began in Abuja on Wednesday, is titled "Inquiry into the High Cost and Variation of Drug Prices in the Pharmaceutical and Healthcare Sector." It brings together key stakeholders, including the Association of Community Pharmacists of Nigeria (ACPN), the Pharmaceutical Society of Nigeria (PSN), and the National Health Insurance Authority (NHIA).
A Nationwide Probe into Drug Pricing
Bola D. Adeyinka, Director of Surveillance and Investigation at the FCCPC, who represented Olatunji Bello, the Commission's Executive Vice Chairman, emphasized that the probe aligns with the FCCPC's mandate under the Federal Competition and Consumer Protection Act of 2018 to promote fair business practices and safeguard consumer interests.
"As part of our mandate, we are conducting an inquiry into the high cost and variation of drug prices in Nigeria," she stated.
She highlighted the steep rise in medication costs over the past year, making it increasingly difficult for Nigerians to afford essential treatments. Some drugs, particularly for hypertension and diabetes, have witnessed price disparities of up to 200% across different regions.
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Adeyinka assured Nigerians that the FCCPC is committed to ensuring equitable access to quality and affordable healthcare. A final report on the findings will be released after the investigation.
Pharmaceutical Industry Calls for Price Stability
Speaking on behalf of PSN President Ibrahim Tanko, Salamatu Orakwelu, FCT Chairman of PSN, reiterated the urgency of addressing drug price inflation, particularly for medications covered under the NHIA.
"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," she said.
She called for collaboration among policymakers, healthcare professionals, and industry players to stabilize drug prices, enhance accessibility, and reinforce NHIA policies.
The FCCPC's drug pricing inquiry marks a significant step toward addressing affordability challenges and ensuring fair market practices within Nigeria's pharmaceutical sector.
