Fccpc Initiates Investigation Into Rising Costs, Price Discrepancies Of Essential Drugs

The Federal Competition and Consumer Protection Commission FCCPC has initiated an investigation into the escalating costs and price disparities of blood pressure (BP) and diabetic drugs across various markets in the country.

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Executive Vice Chairman of the FCCPC, Mr. Tunji Bello who was speaking at a stakeholder engagement session in Abuja, emphasized that the inquiry aims to enhance healthcare delivery and ensure affordable medication for all Nigerians.

Mr Bello who was represented by the Director of Surveillance and Investigations at the Commission, Mrs. Boladale Adeyinka, noted that the initiative also seeks to safeguard consumers from exploitation and uphold their rights and well-being.

“The cost of essential medications has risen dramatically over the past year, making it increasingly challenging for Nigerians to access the treatments they require. This surge in drug prices not only undermines patient health outcomes but also places a significant burden on the nation’s healthcare system,” Mr. Bello remarked.

According to him, the FCCPC received multiple consumer complaints regarding the inconsistent and high prices of medications across Nigerian markets.

He explained that the ongoing inquiry is designed to uncover the underlying causes of these disparities, with a view to improving healthcare accessibility and affordability.

“This investigation is pivotal in ensuring that Nigerians have access to quality and affordable healthcare services. By addressing these pricing issues, we hope to contribute meaningfully to the overall well-being of consumers,” Executive Vice Chairman explained.

While reaffirming the FCCPC’s commitment to consumer protection, Mr Bello assured that the Commission would continue collaborating with key stakeholders to combat the distribution of counterfeit and substandard products in the country.

In their respective remarks, the National Chairman of the Association of Community Pharmacists of Nigeria, Mr. Eze Ambrosia, and the President of the Pharmaceutical Society of Nigeria (PSN), Mr. Ibrahim Tanko—represented by the FCT Chairman of PSN, Mrs. Salamatu Orakwelu—identified several factors driving the high costs and price variations of drugs.

These factors they said include; inadequate infrastructure, dependency on drug importation, and foreign exchange challenges.

Also a representative of Society for Family Health, Mr. Osaretin Asowata while speaking emphasized the need for more robust policies aimed at enhancing the effectiveness of healthcare delivery in Nigeria.