By Trend News Line 2024-03-19 08:00:48.
High Cost of Drugs in Nigeria
In a recent development, it has been revealed that the high cost of drugs in Nigeria can be attributed to weak regulatory control due to insufficient funding of appropriate regulatory agencies. This revelation was made by the Pharmaceutical Society of Nigeria and other stakeholders who emphasized the need for the government to grant more tax waivers to the sector and remove high tariffs that have been introduced in the pharmaceutical industry in recent years.
You may also like to watch : Who Is Kamala Harris? Biography - Parents - Husband - Sister - Career - Indian - Jamaican Heritage
Challenges Highlighted
The Chairman of the Pharmaceutical Society of Nigeria, Lagos State branch, Babayemi Oyekunle, pointed out that the high cost of drug registration is a major contributing factor to the escalating prices of drugs in the country. He specifically mentioned the National Agency for Food and Drug Administration and Control (NAFDAC) as a key player in this issue, citing the exorbitant fees associated with registering drug products and Good Manufacturing Practice inspection.
Financial Burden on Industry
Oyekunle illustrated the financial burden faced by pharmaceutical companies, citing examples of the high fees imposed by NAFDAC for registration and inspection. He raised concerns about the exchange rates used for calculating payments, highlighting discrepancies that ultimately burden the Nigerian patients.
Impact on Drug Availability
The Chairman also expressed concerns about the serialisation of narcotic products, warning that the latest directive on this matter could worsen the scarcity of drugs in Nigeria. He highlighted the lack of preparedness among companies with import permits and emphasized the need for urgent intervention to avoid a crisis in the pharmaceutical sector.
Call for Government Intervention
Stakeholders in the pharmaceutical industry have called on the government to address these challenges and ensure that regulatory agencies are adequately empowered and equipped to combat the influx of fake and substandard drugs. They stressed the importance of intervention to prevent a further increase in drug prices and safeguard the health of the Nigerian population.
You may also like to watch: Is US-NATO Prepared For A Potential Nuclear War With Russia - China And North Korea?
Concerns Over Regulatory Bodies
Former Secretary General of the Association of Community Pharmacists of Nigeria, Jonah Okotie, raised concerns about the lack of resources and personnel within regulatory bodies tasked with monitoring and surveillance. He highlighted the risks faced by personnel due to inadequate security measures and emphasized the urgent need for government intervention to empower these agencies.
In conclusion, the escalating cost of drugs in Nigeria poses a significant challenge to both the pharmaceutical industry and the general population. Addressing the root causes of this issue, including weak regulatory control and insufficient funding, is crucial to ensuring access to affordable and quality healthcare for all Nigerians. Stakeholders continue to advocate for government intervention to alleviate the burden on the industry and protect the health of the nation..
weak regulatory control high drug costs regulatory control high drug costs.
