Why costs of medications are high in Nigeria – PSN

The Pharmaceutical Society of Nigeria (PSN) has opened up on the cause of a high increase in medication costs, attributing to the current economic challenges in the country and other factors.

PSN president, Professor Cyril Osifoh, highlighted the dependence on imported pharmaceutical ingredients as a primary driver of increased prices.

In an interview on Channels TV on Thursday, Osifoh added that lack of reliable infrastructure further amplified the problem.

He said, “The costs of pharmaceutical medicines have actually gone up. This is not unconnected with the prevailing situation in the country.

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“Most of the ingredients for medicines are actually imported, so you are faced with the situation of getting the necessary foreign exchange to import these important ingredients to formulate your product. The exchange rate of naira to dollar is skyrocketing every day. That definitely would affect the price of the medicines.

“Also, energy is a problem. Most industry players have to get their own water, they have to produce their own energy, electricity and most of their plants run 24/7. They have to buy diesel at a high price.

“The so-called ‘japa’ syndrome has also affected the pharmaceutical industry, many pharmacists leave the country for greener pastures.

“We also find out that road infrastructure is problematic. I visited some companies, I found that they have products and they are doing their work effectively but by the time they get their raw materials, to evacuate the medicines to where they are needed, most of their trucks break down on the road because the road is in terrible state.”