Tackle soaring drug prices, boost local pharmaceutical production, Reps urge FG

The House of Representatives has sounded the alarm over the crippling cost of medicines in Nigeria, a crisis that is pushing life-saving drugs beyond the reach of ordinary citizens. Lawmakers highlighted that the astronomical rise in prices, some by as much as 500%, is a direct consequence of economic instability, a heavy reliance on imports, and persistent supply chain disruptions.

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The cost of essential medicines has risen astronomically, placing them beyond the reach of millions of Nigerians who depend on them for survival.

This situation is particularly dire for low-income households and rural communities, where healthcare access is already a significant challenge. The government's recent Executive Order aimed at alleviating production costs by waiving tariffs on raw materials has, unfortunately, failed to translate into lower drug prices for consumers. This points to deeper issues of poor policy execution, currency fluctuations, and inadequate financial support for domestic pharmaceutical companies.

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Despite these interventions, drug prices remain high due to poor implementation, exchange rate instability, regulatory bottlenecks, and limited access to financing for local manufacturers.

The continued dependence on foreign sources for over 70% of finished drugs and active pharmaceutical ingredients leaves Nigeria vulnerable to global market shocks and supply chain vulnerabilities. Boosting local production is not just an economic imperative to create jobs and foster industrial growth, but a critical step towards ensuring national health security, especially in the face of potential public health emergencies. The delay in concluding investigations into drug pricing further compounds concerns about accountability and the government's responsiveness.

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The delay in releasing the outcome of this investigation raises concerns about accountability and timely policy response.