High Drug Prices: APC Chieftain Seeks Tinubu’s Intervention

A chieftain of the All Progressive Congress, APC, in Osun State, Olatunbosun Oyintiloye, has appealed to President Bola Tinubu to urgently intervene in the hike in prices of essential drugs in the country.

Oyintiloye, who made the appeal while speaking with newsmen on Sunday, in Osogbo, said that many Nigerians were currently unable to access most essential drugs, due to the extreme high prices.

He said that the escalating prices of the drugs could be attributed to a combination of factors, such as the withdrawal of GSK, a major player in the pharmaceutical industry, the high rate of inflation in devaluation of naira, among others.

Oyintiloye said that the aforementioned factors, among others had made prices of drugs such as Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and other essential drugs to become unaffordable for the common man.

According to him, the National Bureau of Statistics (NBS) revealed that the value of medicines imported into Nigeria rose by 68 per cent to N81.8 billion between July and September 2023.

Oyintiloye, a former lawmaker, said that the surge in the prices of drugs had placed a significant financial strain on individuals and families already struggling with the harsh economy.

“When the local currency weakens against foreign currencies, the expenses incurred in procuring these essential medical supplies rise, consequently driving up the overall prices of medicines in the country.”