The Federal Competition and Consumer Protection Commission’s (FCCPC) decision to launch an enquiry into the rising cost of drugs in Nigeria is a step in the right direction; however, it should go beyond that.
Development Diaries reports that the Executive Vice Chairman of the FCCPC, Tunji Bello, who was represented by the Director of Surveillance and Investigation, Boladale Adeyinka, said the move became imperative in the face of the rising cost of drugs, threatening the acquisition of drugs and pharmaceutical equipment.
Given the significant impact of escalating prices on citizens’ access to essential medication, this is commendable.
However, beyond conducting an inquiry, there is a need for the commission to implement concrete policy measures that address systemic challenges within the pharmaceutical sector.
Challenges like supply chain inefficiencies, import dependency, high production costs, and regulatory gaps that allow for arbitrary price variations.
Without clear regulatory action, an inquiry alone may not yield the desired impact on affordability and accessibility.
One of the critical concerns raised by industry stakeholders, including the Association of Community Pharmacists of Nigeria and the Pharmaceutical Society of Nigeria (PSN), is the absence of effective price controls and regulatory frameworks that can curb exploitative pricing.
While the FCCPC has the mandate to promote fair competition and protect consumer interests, it must work collaboratively with agencies like the National Agency for Food and Drug Administration and Control (NAFDAC) and the Federal Ministry of Health to develop a comprehensive strategy that tackles the root causes of drug price hikes.
Measures like enforcing price ceilings on essential medicines, increasing local production incentives, and strengthening monitoring mechanisms can be adopted.
Furthermore, the commission should explore the role of foreign exchange fluctuations in the high cost of drugs, as many pharmaceutical products and raw materials are imported.
The depreciation of the naira has significantly increased import costs, which are then transferred to consumers.
Addressing this requires multi-sectoral engagement with financial regulators, trade policymakers, and local manufacturers to create a more stable pharmaceutical market.
Encouraging local drug manufacturing through tax incentives and infrastructure support could also reduce reliance on imports and mitigate price volatility.
While the FCCPC’s inquiry is a commendable first step, it must lead to actionable reforms that provide sustainable solutions to Nigeria’s pharmaceutical pricing crisis.
Development Diaries calls on the commission to advocate stronger consumer protection policies, price regulation mechanisms, and industry reforms that prioritise public health over profit-driven market forces.
Nigerians need tangible policy interventions that guarantee affordable and accessible healthcare.
Photo source: FCCPC Nigeria
