FCCPC probes rising cost of diabetes, blood pressure drugs

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into the escalating costs and price disparities of blood pressure (BP) and diabetic drugs across various markets in the country. Speaking at a stakeholder engagement session held in Abuja, the Executive Vice Chairman of the FCCPC, Mr Tunji Bello, emphasised that the inquiry […]

The Federal Competition and Consumer Protection Commission (FCCPC) has initiated an investigation into the escalating costs and price disparities of blood pressure (BP) and diabetic drugs across various markets in the country.

Speaking at a stakeholder engagement session held in Abuja, the Executive Vice Chairman of the FCCPC, Mr Tunji Bello, emphasised that the inquiry aims to enhance healthcare delivery and ensure affordable medication for all Nigerians.

Represented by the Director of Surveillance and Investigations at the commission, Mrs Boladale Adeyinka, Mr Bello noted that the initiative also seeks to safeguard consumers from exploitation and uphold their rights and well-being.

“The cost of essential medications has risen dramatically over the past year, making it increasingly challenging for Nigerians to access the treatments they require.

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“This surge in drug prices not only undermines patient health outcomes but also places a significant burden on the nation’s healthcare system, especially for diabetes and high blood pressure patients,” Mr Bello remarked.

According to him, the FCCPC has received multiple consumer complaints regarding the inconsistent and high prices of medications across Nigerian markets. He explained that the ongoing inquiry is designed to uncover the underlying causes of these disparities, with a view to improving healthcare accessibility and affordability.

“This investigation is pivotal in ensuring that Nigerians have access to quality and affordable healthcare services. By addressing these pricing issues, we hope to contribute meaningfully to the overall well-being of consumers,” Bello added.

Reaffirming the FCCPC’s commitment to consumer protection, he assured that the commission would continue collaborating with key stakeholders to combat the distribution of counterfeit and substandard products in the country.

In their respective remarks, the National Chairman of the Association of Community Pharmacists of Nigeria, Mr Eze Ambrosia, and the President of the Pharmaceutical Society of Nigeria (PSN), Mr Ibrahim Tanko, represented by the FCT Chairman of PSN, Mrs Salamatu Orakwelu, identified several factors driving the high cost and price variations of drugs.

“These factors include inadequate infrastructure, dependency on drug importation, and foreign exchange challenges,” he said.