The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into the rising costs and price disparities of blood pressure (BP) and diabetic medicines across various markets in Nigeria.
Speaking at a stakeholder meeting in Abuja, the Executive Vice Chairman of the FCCPC, Mr. Tunji Bello, emphasized that the move aims to protect consumers and ensure affordable healthcare for all Nigerians.
Represented by the Director of Surveillance and Investigations, Mrs. Boladale Adeyinka, Bello highlighted the Commission’s commitment to consumer rights and the need to prevent exploitation in the pharmaceutical market.
“The cost of essential medications has risen dramatically over the past year, making it increasingly difficult for Nigerians to access the treatments they require. This surge in drug prices not only undermines patient health outcomes but also places a significant burden on the nation’s healthcare system,” Bello stated.
The FCCPC has received multiple consumer complaints regarding the inconsistent and high prices of medications across Nigerian markets. According to Bello, the ongoing inquiry seeks to uncover the causes of these price differences and propose solutions to enhance healthcare accessibility and affordability.
“This investigation is pivotal in ensuring that Nigerians have access to quality and affordable healthcare services. By addressing these pricing issues, we hope to contribute meaningfully to the overall well-being of consumers,” he added.
During the stakeholder session, industry leaders identified several factors contributing to the soaring prices of medications, including:
Inadequate infrastructure in the pharmaceutical supply chain.
Heavy reliance on drug importation and lack of local production.
Foreign exchange challenges affecting import costs.
