Experts says drug prices may rise in Nigeria by 100% in six months

Drug Price Surge

Experts says drug prices may rise in Nigeria by 100% in six months

If nothing is done urgently to reverse the 350 per cent hike in product registration fees by the National Agency for Food and Drug Administration and Control (NAFDAC), there would be drug scarcity in Nigeria occasioned by 100 per cent increase in medicines prices within the next six months.

This is the position of pharmacists under the aegis of the Pharmaceutical Society of Nigeria (PSN) who have urged the Agency to reverse the hike in registration fees. They said the hike would lead to rise in fake drugs as well as medicine abuse and misuse; and consequently discourage local production. The PSN warned that if the hike were not reversed immediately, there would be 100 per cent increase in drugs prices within the next six months.

Chairman, PSN (Lagos State Chapter), Bolanle Adeniran, enjoined the Lagos Chamber of Commerce and Industry (LCCI) to collaborate with NAFDAC to smoothen its unduly long registration procedures, put in place rules of engagement to resolve challenges of the output of its hi-tech regulatory tools which are sometimes out rightly preposterous as it affects the relevant health professional who conducts his practice/business.

Adeniran, who was a guest speaker, at an event organized by LCCI in Lagos tagged “Ease of doing healthcare business with NAFDAC, SON and Nigeria Customs Service” said: “Stakeholders must prevail on NAFDAC to reverse the 350 per cent hike in registration fee as it is an ill wind that will bring no good to all concerned. As a matter of fact, it would incentivise fake drug dealers who will bring in their deadly merchandise at cheaper rates relative to expensive registered products. The challenges in drug distribution will allow retrogression in the gains and momentum of the drug misuse/abuse menace in our country.

Read full article here: Guardian.ng

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