Drugs, medical supplies are now expensive – APC leader alerts Tinubu

In a press statement released in Osogbo, Oyintiloye highlighted the growing predicament faced by numerous Nigerians unable to afford crucial medications due to the rapid increase in costs.

He pointed to a myriad of factors contributing to the sharp rise in drug prices, with the withdrawal of GSK, a key player in the pharmaceutical industry, being a significant factor, alongside persistently high inflation rates and the devaluation of the naira.

According to Oyintiloye, these cumulative factors have made medications such as Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and other indispensable drugs financially inaccessible to the average citizen.

Quoting statistics from the National Bureau of Statistics (NBS), he highlighted a significant uptick of 68% in the value of imported medicines into Nigeria, amounting to a staggering ₦81.8 billion between July and September 2023.

The former lawmaker underscored the tremendous strain the escalating drug prices have placed on individuals and families already grappling with the country’s challenging economic landscape.

Oyintiloye drew attention to the evident link between the weakening of the local currency against foreign denominations and the subsequent surge in expenses incurred to procure essential medical supplies.

“When the local currency weakens against foreign currencies, the expenses incurred in procuring these essential medical supplies rise, consequently driving up the overall prices of medicines in the country,” he noted.