APC Chieftain calls for Tinubu’s urgent intervention to check hike in drug prices
By Mahmood Olayinka Alaya
A Chieftain of the All Progressive Congress (APC) in Osun state, Mr Olatunbosun Oyintiloye, has appealed to President Bola Tinubu, to urgently intervene in the hike in prices of essential drugs in the country.
Oyintiloye, who made the appeal while speaking with newsmen on Sunday in Osogbo, said that many Nigerians were currently unable to access most essential drugs due to the extreme high prices.
He said that the escalating prices of the drugs could be attributed to a combination of factors, which include the withdrawal of GSK, a major player in the pharmaceutical industry and the high rate of inflation in devaluation of Naira.
Oyintiloye, a former lawmaker, said that the surge in the prices of drugs had placed a significant financial strain on individuals and families already struggling with the harsh economy.
According to him, the National Bureau of Statistics (NBS) has revealed that the value of medicines imported into Nigeria rose by 68 per cent to N81.8 billion between July and September.
Oyintiloye, a former lawmaker, said that the surge in the prices of drugs had placed a significant financial strain on individuals and families already struggling with the harsh economy.
“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.
“The scarcity or limited availability of foreign exchange exacerbates as ripple effect, forcing manufacturers to compensate by increasing the prices of medicines to cover their higher operational costs”, he said.
The APC chieftain, who commended President Tinubu’s effort in repositioning the economy, however, said there was urgent need to redouble efforts in the health sector.
Oyintiloye, a member of the defunct APC Presidential Campaign Council, noted that patients struggling with chronic diseases such as hypertension, diabetes, tuberculosis, among others now found it difficult to cope with the surge in the prices of their medication.
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