The Federal Competition and Consumer Protection Commission (FCCPC) has constituted an inquiry into the rising cost of drugs in the pharmaceutical and healthcare sectors.

While constituting the inquiry in Abuja, the Executive Vice Chairman, FCCPC, Tunji Bello, was represented by the Director of Surveillance and Investigation, Mrs. Boladale Adeyinka, who said the move became imperative in the face of the rising cost of drugs that is threatening the acquisition of drugs and pharmaceutical equipment.

Bello said: “Federal Competition and Consumer Protection Commission (FCCPC) is empowered by the Federal Competition and Consumer Protection Act 2018 to promote fair business practices and safeguard consumer interests.

As part of our mandate, we are conducting an inquiry into the high cost and variation of drug prices in Nigeria.

The FCCPC boss highlighted that the cost of medication has been on the alarming rise in the last year.

“It has become obvious that the cost of medications has risen significantly over the past year, making it increasingly difficult for Nigerian consumers to afford the treatment they need. The high cost of drugs not only affects patients’ health outcomes but also places a strain on our health care system,” he stated.

Justifying the move, Bello disclosed that the Commission has been inundated by complaints from concerned Nigerians, adding, “The Commission has received consumer complaints regarding the variation and high costs of drugs in Nigerian markets.”

He explained that inquiry is mandated to unravel factors that are influencing the rising cost of drugs, healthcare, and pharmaceutical equipment in the country.

“This inquiry is aimed to identify factors contributing to disparities in healthcare accessibility and affordability, particularly regarding drug pricing. We believe this is crucial to ensuring Nigerians have access to quality and affordable healthcare services,” he said.

This comes on the heels of a similar step taken by the National Agency for Food and Drug Administration and Control (NAFDAC) to stem the proliferation of fake drugs in Nigeria.