In an effort to make medications more affordable for Nigerians, the Federal Government has committed to lowering the skyrocketing prices of drugs within the country.
Prof. Mojidola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), reiterated this pledge in a statement released in Abuja on Sunday.
Speaking at a webinar organized by The Cable Newspaper to commemorate its 10th anniversary under the theme “Addressing Costs of Medicines,” Adeyeye assured that steps are being taken in collaboration with pharmaceutical industries to reduce the cost of drugs.
She emphasized that revitalizing local pharmaceutical industries is key to tackling the issue of high drug prices in the nation.
Adeyeye highlighted that domestically manufactured medicinal products would be more accessible and cost-effective compared to imported drugs if the local pharmaceutical sector is revitalized.
She attributed the high cost of local production mainly to the devaluation of the Naira, which significantly increased the expenses of importing raw materials and equipment required for manufacturing.
Citing challenges related to sourcing dollars, she noted that the costs of imported drugs have surged, further exacerbated by the departure of two multinational pharmaceutical companies from the country.
Additionally, Adeyeye revealed that NAFDAC, under her leadership, introduced the “5 plus 5” regulatory scheme, which mandates companies importing drugs that could be locally produced to undergo a final five-year renewal.
During this renewal period, importers are required to transition to local manufacturing or collaborate with local producers, a directive based on comprehensive research.
The implementation of the “5 plus 5” initiative has spurred the establishment of over 30% of new companies in Nigeria and motivated importers to invest in building local capacity.