Drug prices to increase by 100%, PSN warns

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Nigerians should expect a 100 per cent rise in drug prices across the country if the National Agency for Food and Drug Administration and Control (NAFDAC) does not reverse the 350 per cent levy it imposed on drug and product registration in the country, warns the Lagos State Branch of the Pharmaceutical Society of Nigeria.

The Chairman of PSN in the state, Bolanle Adeniran said the price increase might take effect in about six months from now.

“The Pharmaceutical Society of Nigeria, Lagos State Branch, has analysed NAFDAC’s 350 per cent increase and we respectfully declare that there is absolutely no basis for such, whether in terms of improvement in the economic fortunes in our industry or a propensity for drastic improvement in service, like in terms of the ease of doing health care business in Nigeria.

“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 per cent increase in drug prices in about six months, with grave consequences of morbidity and mortality to consumers of health in our nation.

She pointed out that it takes over two years to register drugs and related products and that NAFDAC needed to eliminate the practice.

“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.

“As a matter of fact, it will incentivise fake drug dealers who will bring in their deadly merchandise at cheaper rates relative to expensive registered products,” she added.

 




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