FCCPC tackles rising cost of drugs, begins inquiry
27 February 2025 |
3:37 am
Federal Competition and Consumer Protection Commission (FCCPC) has launched an inquiry into the rising cost of drugs in the pharmaceutical and healthcare sector.
Federal Competition and Consumer Protection Commission (FCCPC) has launched an inquiry into the rising cost of drugs in the pharmaceutical and healthcare sector.
While launching the inquiry in Abuja, yesterday, the Executive Vice Chairman, FCCPC, Tunji Bello, who was represented by the Director of Surveillance and Investigation, Mrs Boladale Adeyinka, said the move became imperative in the face of the rising cost of drugs, threatening the acquisition of drugs and pharmaceutical equipment.
Bello said: “Federal Competition and Consumer Protection Commission 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 said the cost of medication had been on the alarming rise in the last year. Bello said the commission had 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.
“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.”
Mr Osaretin Asowata of the Society for Family Health (SFH), in his goodwill message, emphasised the need for more robust policies aimed at enhancing the effectiveness of healthcare delivery in Nigeria.
In their 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 factors driving the high costs and price variations of drugs.
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