{"id":4372,"date":"2023-09-16T18:40:21","date_gmt":"2023-09-16T18:40:21","guid":{"rendered":"https:\/\/regtechafrica.com\/healthcare\/?p=4372"},"modified":"2023-09-16T18:40:21","modified_gmt":"2023-09-16T18:40:21","slug":"nigeria-nafdac-chief-denies-gsk-exit-responsible-for-rising-drug-prices","status":"publish","type":"post","link":"https:\/\/regtechafrica.com\/healthcare\/nigeria-nafdac-chief-denies-gsk-exit-responsible-for-rising-drug-prices\/","title":{"rendered":"Nigeria: NAFDAC Chief Denies GSK Exit Responsible for Rising Drug Prices"},"content":{"rendered":"<div class=\"group w-full text-token-text-primary border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\" data-testid=\"conversation-turn-441\">\n<div class=\"p-4 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 md:max-w-2xl lg:max-w-[38rem] xl:max-w-3xl }\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3 max-w-full\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-3 overflow-x-auto whitespace-pre-wrap break-words\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The National Agency for Food and Drug Administration and Control (NAFDAC) has stated that GlaxoSmithKline Pharmaceutical Company&#8217;s departure from Nigeria is not the cause of the recent increase in drug prices in the country.<\/p>\n<p>Professor Mojisola Adeyeye, the Director-General of NAFDAC, made this statement in Lagos on Friday, addressing speculations that GSK&#8217;s exit had impacted drug prices in Nigeria.<\/p>\n<p>It is worth noting that in August, GlaxoSmithKline, a British multinational pharmaceutical and biotechnology company, announced its intention to cease operations in Nigeria. The company had been operating in Nigeria for 51 years, having been incorporated in June 1971 and commencing business the following year.<\/p>\n<p>Adeyeye explained, &#8220;The primary reason for the rise in drug prices is the depreciation of the value of the naira.&#8221;<\/p>\n<p>She further clarified that even before GSK&#8217;s planned exit, the prices of various commodities had already increased, and some of the products produced by GSK had experienced price reductions.<\/p>\n<p>From a regulatory standpoint, NAFDAC encourages local manufacturing, and GSK had collaborated with local manufacturers. Therefore, their operations weren&#8217;t solely reliant on imports.<\/p>\n<p>Adeyeye also highlighted the significant impact of foreign exchange issues on multinational companies, noting that they often faced challenges repatriating funds back to their parent companies for further investments due to currency exchange restrictions.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between lg:block\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-2 md:gap-3 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\"><button class=\"flex ml-auto gap-2 rounded-md p-1 hover:bg-gray-100 hover:text-gray-700 dark:text-gray-400 dark:hover:bg-gray-700 dark:hover:text-gray-200 disabled:dark:hover:text-gray-400\"><\/button><\/p>\n<div class=\"flex gap-1\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The National Agency for Food and Drug Administration and Control (NAFDAC) has stated that GlaxoSmithKline Pharmaceutical Company&#8217;s departure from Nigeria is not the cause of the recent increase in drug&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[80,90],"tags":[],"class_list":["post-4372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-nigeria"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/regtechafrica.com\/healthcare\/wp-content\/uploads\/2023\/09\/NAFDAC-DG-Labels-Drug-Hawkers-in-Nigeria-as-a-Threat-to-Life.jpg?fit=721%2C420&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/4372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/comments?post=4372"}],"version-history":[{"count":1,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/4372\/revisions"}],"predecessor-version":[{"id":4375,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/4372\/revisions\/4375"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/media\/4268"}],"wp:attachment":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/media?parent=4372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/categories?post=4372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/tags?post=4372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}