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Prices of drugs in Nigeria continue to go up as the Nira depreciates, the import prices of pharmaceutical products may hit over N900bn due to the volatility of the naira.
According to data from the International Trade Center, Nigeria imported USD 1.05bn worth of pharmaceutical products in 2022. At the exchange rate of the time (N451/$), it cost N475.17bn. At the exchange rate of February 19, 2024, (N902.45/$), it will cost N950.81bn. The National Bureau of Statistics (NBS) is yet to release foreign trade records for the fourth quarter of 2023, data for the year is unavailable hence the usage of 2022’s data.
Pharmaceutical products involve more than drugs. It includes dried glands and other organs for organo-therapeutic uses, whether or not powdered; extracts of glands or other organs or their secretions, for organo-therapeutic uses; heparin and its salts; other human or animal substances prepared for therapeutic or prophylactic uses. Wadding, gauze, bandages, and the like, e.g. dressings, adhesive plasters, poultices, impregnated or covered with pharmaceutical substances or put up for retail sale for medical, surgical, dental, or veterinary purposes. Pharmaceutical preparations and products of subheadings, and more…
Nigeria imports most of its pharmaceutical products from India, China, Malaysia, Netherlands, and Belgium.
The unaffordability of medical services must be addressed. In an era of expensive healthcare and budget constraints, Nigeria must explore sustainable models that ensure both the financial stability of healthcare institutions and the affordability of services for patients, stated the chairman of the Nigerian Medical Association.
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President Bola Tinubu, at a recent Federal Executive Council meeting, endorsed three resolutions to tackle the rising cost of pharmaceuticals in the country. Those include the regulation of the sector to protect the health and well-being of humans and to deal with the crisis of human resources in the health sector.
