In a bid to alleviate the burden of high medication costs on Nigerians, the federal government has pledged to take action to make essential drugs more affordable across the country.
NAFDAC Director-General, Mojidola Adeyeye, conveyed this commitment in a statement released on Sunday.
Adeyeye outlined that the prevailing high prices of medicines in Nigeria would soon be addressed through collaborative efforts between NAFDAC and pharmaceutical industries aimed at reducing the cost of medications.
She emphasized that revitalizing the local pharmaceutical sector holds the key to tackling the issue of exorbitant drug prices. Adeyeye pointed out that locally manufactured pharmaceuticals would be more accessible and cost-effective compared to imported alternatives if the domestic industry is strengthened.
The NAFDAC chief highlighted the impact of currency devaluation on local production costs, noting that the steep exchange rates significantly inflate the prices of raw materials and imported equipment necessary for drug manufacturing.
Adeyeye further explained that the scarcity of foreign currency has led to a surge in the prices of imported drugs. She also cited the departure of two multinational pharmaceutical companies from the country as contributing factors to the inflated costs of certain medications.
Addressing regulatory measures, Adeyeye mentioned that importers seeking license renewal must transition to local manufacturing or establish partnerships with domestic manufacturers within the five-year renewal period. This directive, she clarified, stemmed from a comprehensive study.
Adeyeye underscored the success of initiatives like the ‘5 plus 5’ program, which has spurred the emergence of over 30% of new companies in Nigeria. This initiative, she stated, has encouraged importers to invest in building local manufacturing capabilities.
