Halt Soaring Cost Of Drugs

Nigeria is currently grappling with a frightening health crisis. A critical concern that has dramatically escalated is the burgeoning prices of medicines, rendering them inaccessible to the majority of the population. The grim reality is that Nigerians battling various health challenges are in a perilous situation, their lives hanging in the balance owing to the soaring costs of vital drugs. Potential solutions do not lie in the government’s customary tokenism but demand a potent emergency response.
Since the assumption of office by President Bola Tinubu, the nation has experienced a steady depreciation of the naira against the US dollar and other major global currencies. The deregulation of the foreign exchange market has ignited a chain reaction culminating in several economic emergencies, one of the most severe victims being the healthcare delivery system.
Economic parity between the naira and other foreign currencies has resulted in the skyrocketing prices of necessary medications.  The devaluation of the naira implies that importing pharmaceutical necessities has transformed into a cumbersome and expensive process. The deregulation of the forex market has only compounded the predicament. The pecuniary burden on the common man has intensified manifold as pharmacies and drug stores inflate the costs of medicines to retain their profit margin.
With the big pharmaceutical companies shutting their doors, the situation is getting worse. This is mostly because of the unfriendly business climate. This unfavourable milieu, twinned with other systemic challenges, pushes medical professionals, from doctors, and nurses to paramedics, to emigrate to Europe, the United States, Canada and Saudi Arabia, among others, in pursuit of improved remuneration and work conditions. The current era is posing a tough obstacle for those who fall ill in the nation.
As the drug manufacturing giants cease operations, the dearth of critical drugs, coupled with uncontrollable inflation, sees the expenditure on healthcare skyrocketing, and the country is bearing the brunt. Life-saving drugs such as antibiotics, analgesics, and hypertensive and anti-diabetic medicines have witnessed an unprecedented price increase between 400 and 500 per cent. What once was a common and affordable antibiotic, Augmentin, which used to cost a mere N3,500, now carries a staggering price tag of over N30,000.
Given the alarming scenario, for those who survive on the minimum wage, and the 133 million Nigerians recognised as multidimensionally poor, falling ill could well bring about the end of times. Their economic incapacity to afford such high drug prices leaves them with no resort but preventive measures. Becoming a victim of sickness amounts to being trapped in a troubling and implausible situation that might have no practical and viable solution.
The healthcare sector, particularly the pharmaceutical industry, is currently facing remonstrances such as a reliance on imported drugs and the departure of GlaxoSmithKline from Nigeria after 51 years of operation. This situation, combined with the instability of Nigeria’s economy, raises uncertainties about the availability of pharmaceutical products and their potential impacts. Multinational companies like GSK are finding it more and more difficult to repatriate their sales proceeds to their home countries because of the nation’s economic  quagmire.
Statistics reveal that an alarming approximately 70 per cent of drugs consumed within the country are imported, as corroborated by the Pharmaceutical Society of Nigeria. Unveiled investigation exposes a ghastly reality about three interrelated problems; the deluge of fake and substandard products, comparatively weak regulatory oversight, and a combination of porous borders with corrupt customs personnel.
The ongoing decrease in Nigeria’s drug importation attributed to forex pressures creates a domino effect impacting the country’s public health directly. With food inflation also soaring simultaneously, the populace, already off balance, is left grappling with basic healthcare needs; consequently, they turn away from quality drugs and treatment to patronise quacks and fake drug vendors.
This scenario left unaddressed, can potentially snowball into an extensive and uncontrollable public health crunch, aggravating the existing socio-economic predicament. Thus, it is essential that the catastrophe is recognised accurately in all its dimensions and that relevant policies of the government focus on alleviating both the forex pressures and their resultant detriments to public health.
The authorities have a responsibility, with one of the most important being the health of its citizens. One issue that manifests as a poignant ‘cri de coeur’ is the affordability of prescribed drugs for ordinary Nigerians. Facing an uphill battle with the exponential rise in the cost of goods and services, the common man struggles to reclaim and retain control over one of the fundamental aspects of life — health. The prohibitive costs of necessary medications, and life-saving drugs, have snowballed into a national concern.
Our appeal to the Federal Government is straightforward; the high cost of drugs should no longer serve as a death sentence for citizens. Subsidising essential medications for Nigerians will allow them to combat serious diseases and regain hope, creating a more robust and healthier society. Therefore, those in authority must demonstrate their commitment by walking their talk to ensure that Nigerians have a fair chance at survival.
President Tinubu’s government must take immediate action to address the high drug prices in our nation. Prioritising healthcare accessibility, implementing price controls, supporting local drug production, and strengthening public healthcare infrastructure are essential steps that have to be taken. Nigerians urgently need improved access to health insurance, encouragement to the use of safe and effective generic drug s to reduce costs, and education on the issue including policy modifications.