Hon. Olatunbosun Oyintiloye, a prominent figure in the All Progressive Congress in Osun, has called on Bola Tinubu to take immediate action regarding the soaring prices of essential drugs in Nigeria.
Speaking to reporters in Osogbo on Sunday, Oyintiloye expressed concern that the prohibitive costs of vital drugs are preventing many Nigerians from accessing them.
He attributed the price surge to several factors, including the exit of GSK, a key player in the pharmaceutical sector, and the inflation-induced devaluation of the naira, among other things.
Oyintiloye pointed out that these factors have resulted in the skyrocketing prices of drugs like amlodipine, augmentin, paracetamol, exforge, Coartem, and other essential medicines, making them unaffordable for the average Nigerian. He cited data from the National Bureau of Statistics, which showed a 68% increase in the value of imported medicines to N81.8 billion between July and September 2023.
The former legislator noted that the rising drug prices have imposed a significant financial burden on individuals and families already grappling with a tough economy.
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“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.
“The scarcity or limited availability of foreign exchange exacerbates as a ripple effect, forcing manufacturers to compensate by increasing the prices of medicines to cover their higher operational costs”, he explained.
While praising Tinubu’s efforts to revitalize the economy, the APC stalwart emphasized the urgent need to intensify efforts in the health sector.
Oyintiloye, who was part of the now-disbanded APC Presidential Campaign Council, highlighted that patients suffering from chronic diseases such as hypertension, diabetes, and tuberculosis are finding it increasingly difficult to afford their medication due to the price surge.
“The way the prices are going up, people who are in need of most of the essential drugs might not be able to afford it and this might increase in death rate in the country.
“Insulin, for instance, is now between N12000, and N14,000, and some of the patients might need two or three of it in a month.
“Also, Ventolin inhalers for asthmatic patients rose from N2000 to N9,000, and if a patient is earning N30,000 per month, how will he or she cope?” he questioned.
Oyintiloye urged the government to invest in the health sector, tackle the Forex issue, eliminate the duty tax on medication, promote local production, and create a more conducive environment for pharmaceutical companies.