The cost of drugs increases by 300% — Manufacturers
The Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria has said that the number of pharmaceuticals in the country has increased by 300%.
According to the group, foreign exchange challenges and high cost of production are some of the factors responsible for rising drug costs.
Speaking in an interview with our correspondent on Sunday, PMGMAN Chairman Oluwatosin Jolayemi said pharmaceutical companies are having difficulty accessing foreign exchange.
Jolayemi said, “Most pharmaceuticals are up 300 percent thanks to forex. We do not have a petrochemical industry or an active pharmaceutical ingredient industry. For the API industry to survive, we need a petrochemical industry. API cannot be easily done in Nigeria if we don't have a petrochemical industry because the API inputs that we will need to manufacture will always be imported and you will always need foreign exchange, so foreign exchange is a major issue which increases the cost of the API. drugs in the country.
“Even before, most pharmaceutical companies did not have access to foreign currency in banks. They therefore have to access foreign exchange through export earnings or the parallel market, which means that the cost of goods will increase.
"The cost of production increases, the cost of electricity increases by 40%. »
Furthermore, Lolu Ojo, former President of the Industrial Pharmacists Association of Nigeria, said that drug replacement cost is one of the factors influencing drug costs.
Ojo said, “The moment you replace the drugs you need now, the prices go up. Also, forex is a challenge.
“Even the cost of fuel is now a factor influencing drug prices. Some companies use cars for the sale and distribution of their products and they fill up with fuel. For example, if you used 30,000 N to fuel your car, you would use at least 45,000 N to fuel it now. So these things will influence drug prices.
"Unfortunately, if this continues, people may find it difficult to buy essential medicines by the end of the year. »
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The Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria has said that the number of pharmaceuticals in the country has increased by 300%.
According to the group, foreign exchange challenges and high cost of production are some of the factors responsible for rising drug costs.
Speaking in an interview with our correspondent on Sunday, PMGMAN Chairman Oluwatosin Jolayemi said pharmaceutical companies are having difficulty accessing foreign exchange.
Jolayemi said, “Most pharmaceuticals are up 300 percent thanks to forex. We do not have a petrochemical industry or an active pharmaceutical ingredient industry. For the API industry to survive, we need a petrochemical industry. API cannot be easily done in Nigeria if we don't have a petrochemical industry because the API inputs that we will need to manufacture will always be imported and you will always need foreign exchange, so foreign exchange is a major issue which increases the cost of the API. drugs in the country.
“Even before, most pharmaceutical companies did not have access to foreign currency in banks. They therefore have to access foreign exchange through export earnings or the parallel market, which means that the cost of goods will increase.
"The cost of production increases, the cost of electricity increases by 40%. »
Furthermore, Lolu Ojo, former President of the Industrial Pharmacists Association of Nigeria, said that drug replacement cost is one of the factors influencing drug costs.
Ojo said, “The moment you replace the drugs you need now, the prices go up. Also, forex is a challenge.
“Even the cost of fuel is now a factor influencing drug prices. Some companies use cars for the sale and distribution of their products and they fill up with fuel. For example, if you used 30,000 N to fuel your car, you would use at least 45,000 N to fuel it now. So these things will influence drug prices.
"Unfortunately, if this continues, people may find it difficult to buy essential medicines by the end of the year. »
Please share this story:
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