The Federal Ministry of Health and Social Welfare has revealed that an executive order intended to address the escalating costs of drugs in the country is pending President Bola Tinubu’s assent.
Our correspondent received an exclusive update from the ministry, revealing the status of the executive order.
The market survey revealed that prices of antimalarial drugs have gone up by 11% to 22%, and antidiabetic drugs have also experienced a 20% price increase.
The situation is pushing many patients to skip their life-saving medications.
The Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate, in February said the Federal Government would soon issue an executive order to curb escalating drug prices.
Pate, who spoke at the third edition of the ministerial press briefing series initiated by the Ministry of Information in Abuja, explained that the executive order was a short-term goal in reducing drug prices.
He added the FG’s mid to long-term goals towards reducing drug prices involved the domestication of imported drugs within the next three years in collaboration with the Ministry of Industry, Trade and Investment.
“The rising cost of pharmaceuticals is a pressing concern, and we are taking decisive action to address this issue. An executive order will soon be issued to curb escalating drug prices in the short term, while our mid to long-term goal involves the domestication of imported drugs within the next three years, in collaboration with the Ministry of Trade,” Pate had said.
At the same time, pharmacists across the country are seeking clarity and specifics on the executive order.
Pharmacists stated that the specifics of the executive order will be crucial in determining its effectiveness in actually reducing drug prices in the country.
Key stakeholders in the pharmaceutical industry attribute the escalating prices of medications to a combination of factors, including the volatile foreign exchange rate, rising inflation, the costly importation of drugs, the recent removal of fuel subsidies, and the departure of GlaxoSmithKline Consumer Nigeria Plc from the market.
In an inquiry sent by our correspondent on the update of the executive order, Pate’s Special Assistant on Media and External Relations, Tashikalmah Hallah, said, “The Executive Order has been developed and vetted. Awaiting Mr President to assent and sign it. After that, it will become public.”
