Idowu AbdullahiConcerned over the rising cost of drug prices in the country, the Federal Competition and Consumer Protection Commission on Wednesday met with stakeholders in the pharmaceutical and healthcare sectors.Those at the meeting include representatives of the Association of Community Pharmacists of Nigeria, the Pharmaceutical Society of Nigeria, and the National Health Insurance Authority.Others are the National Agency for Food, Drug Administration and Control, the Federal and State Ministries of Health, the Pharmacy Council of Nigeria, the World Health Organisation, among others with discussions focused on potential solutions.
The FCCPC Chief Executive Officer, Tunji Bello, who chaired the meeting, said the move became imperative as essential medicines are becoming out of reach for Nigerians due to prices.Represented by the Director of Surveillance and Investigations, Boladale Adeyinka, Bello explained that the commission’s Act 2018 empowers it to investigate factors behind the rising drug prices.According to him, the meeting is expected to identify regulatory gaps, assess pricing structures, and explore solutions that balance business sustainability with consumer welfare.
“It has become obvious that the cost of medications has risen significantly over the past year, making it increasingly difficult for Nigerian consumers to afford the treatment they need. The high cost of drugs not only affects patients’ health outcomes but also places a strain on our healthcare.