The Rising Cost of Drugs

products could include: developing the Nigerian pharmaceutical manufacturing sector. This is very critical, not only in closing the gap in access to medicines, but also in ensuring economic growth and sustainable development.

Also, banks should pay attention to the local pharmaceutical manufacturing sector, ensuring that they reduce the many bottlenecks that will hinder members from accessing loans. The local pharmaceutical products manufacturers could use the funds to repurpose their facilities to meet international qualifications and standards, expand their product lines, upgrade their machineries, and build new factories.

Furthermore, improving access to foreign exchange would be very helpful in easing the increase in drug prices, as this can ensure that manufacturing remains stable, while only minimal job losses are recorded.

The Central Bank of Nigeria (CBN) should also put in more effort to reduce the rising forex and inflation rates in the country. The exchange rate of the Naira has been a source of concern to pharmaceutical importers because by the time they are able to source foreign exchange and bring in the finished products, the final cost to the consumers would have gone quite high. Therefore, there should be a consideration of import waivers, in order for pharmaceuticals to make the prices competitive. Daniel Ighakpe, FESTAC Town, Lagos