Reps urge FG to curb rising drug prices, boost local pharmaceutical production

The House of Representatives has called on the Federal Government to take urgent action to address the soaring cost of medicines, warning that millions of Nigerians are being priced out of access to essential drugs.

 

The resolution followed the adoption of a motion sponsored by Alex Ikwechegh, who highlighted the sharp increase in drug prices over the past two years.

 

Lawmakers described the situation as critical, particularly for low-income earners and rural residents who already face limited access to healthcare.

 

According to the motion, prices of some essential medicines have risen by between 300 and 500 per cent, driven by inflation, naira depreciation, reliance on imports, and supply chain disruptions.

 

Although the Federal Government introduced an Executive Order in June 2024 to reduce production costs—by waiving tariffs and taxes on pharmaceutical inputs—the House noted that its impact has yet to be felt.

 

The lawmakers attributed the continued high prices to poor implementation, exchange rate instability, regulatory bottlenecks, and limited access to financing for local manufacturers.

 

They also expressed concern over delays by the Federal Competition and Consumer Protection Commission in concluding its investigation into drug pricing, warning that the delay raises accountability issues.

 

The House further noted that Nigeria remains heavily dependent on imported medicines, with over 70 per cent of drugs and raw materials sourced from abroad, exposing the country to global supply shocks.

 

To address the crisis, lawmakers urged the Ministries of Health, Industry, and Finance, alongside the Central Bank of Nigeria, to ensure full implementation of policies supporting the pharmaceutical sector.

 

They also proposed the creation of a Pharmaceutical Industrialisation Fund under the Bank of Industry to provide low-interest loans to local drug manufacturers.

 

In addition, regulatory bodies such as the National Agency for Food and Drug Administration and Control, Pharmacists Council of Nigeria, and Standards Organisation of Nigeria were directed to fast-track approvals for locally produced medicines while maintaining quality standards.

 

The House also called for a nationwide awareness campaign to promote the use of locally made drugs.

 

Lawmakers warned that failure to act could worsen health outcomes, especially for Nigerians living with chronic conditions, as rising costs continue to limit access to life-saving treatment.