100 % Hike On Drug Prices

The Pharmaceutical Society of Nigeria (PSN) has warned the public that there will soon be a 100% hike on the prices of drugs. The Chairman of the PSN in Lagos State, Mrs. Bolanle Adeniran, spoke at an event said the price increase might take effect in about six months from now.

However, this is not a definite decision, as she further stated that the order will take effect if the NDLEA does not reverse its 350% levy it imposed on drug and product registration.

According to a statement by the PSN, Mrs. Adeniran says the director general of NAFDAC, Prof. Mojisola Adeyeye, had carried out the various landmark reforms in the sector.

The statement further quoted her saying, “While the industry was grappling with challenges of delays. NAFDAC made the most damaging move in the last past weeks by increasing the drug registration and production levy by 350%.

“Specifically, from N350,000, it now costs N1.05m to register a prescription-only medicine. While over-the-counter drugs have moved from a hitherto expensive N1m to N4m in Nigeria.”

She continued, “If this draconian policy is not reversed or immediately remedied, the PSN, Lagos State Branch, wishes to warn through this forum that Nigeria will experience at least a 100 percent increase in drug prices in about six months. Which will lead to grave consequences of morbidity and mortality to consumers of health in our nation.”

Mrs. Adeniran concluded her statement saying “As a matter of fact, it will incentivize fake drug dealers who will bring in their deadly merchandise at cheaper rates”.