An executive order aimed at curbing the rising prices of drugs in the country is currently awaiting the assent of President Bola Tinubu, according to the Federal Ministry of Health and Social Welfare.
Recent market surveys reveal significant price hikes, with antimalarial drugs seeing increases ranging from 11% to 22%, and antidiabetic medications rising by 20%. These increases are placing considerable financial strain on patients, forcing some to forego essential treatments.
Professor Muhammad Pate, the Coordinating Minister of Health and Social Welfare, initially announced plans for the executive order during the third edition of the ministerial press briefing series in Abuja earlier this year. He emphasized that the order represents a short-term strategy to tackle the issue of escalating drug prices.
“In the short term, an executive order will be issued to address the rising cost of pharmaceuticals,” Pate stated. He outlined the government’s broader goals, including the domestication of imported drugs over the next three years in collaboration with the Ministry of Industry, Trade, and Investment.
Stakeholders in the pharmaceutical sector, including pharmacists, have expressed keen interest in the specifics of the executive order. They believe that the details will determine its effectiveness in reducing drug prices across the country.
“The Executive Order has been developed and reviewed, awaiting Mr. President’s approval and signature. Once signed, it will be made public,” clarified Tashikalmah Hallah, Special Assistant on Media and External Relations to Prof. Pate, in response to inquiries regarding the status of the executive order.
Concerns over the escalating costs of medications are attributed to factors such as foreign exchange fluctuations, inflation, the importation of drugs, the removal of fuel subsidies, and the departure of GlaxoSmithKline Consumer Nigeria Plc from the market.
The imminent executive order is expected to provide critical regulatory measures aimed at stabilizing drug prices and ensuring greater affordability for patients across the nation.
