Olatunbosun Oyintiloye, a prominent member of the All Progressive Congress (APC) in Osun State, has urged President Bola Tinubu to address the worrisome rise in the pricing of vital pharmaceuticals throughout Nigeria as soon as possible.
In a statement to the press in Osogbo, Oyintiloye emphasised the rising plight of many Nigerians who are unable to buy critical prescriptions due to their exorbitant prices.
He cited a number of factors that contributed to the rapid increase in medicine costs, including the exit of GSK, a prominent participant in the pharmaceutical business, as well as chronically high inflation rates and naira depreciation.
According to Oyintiloye, the combination of these variables has made prescriptions like Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and other necessary drugs financially unattainable for the common person.
He noted a substantial 68% increase in the value of imported medications entering Nigeria, amounting to a whopping N81.8 billion between July and September 2023, using information from the National Bureau of Statistics (NBS).
The former congressman emphasised the enormous hardship that rising medicine prices have imposed on individuals and families who are already dealing with the country’s difficult economic situation.
Oyintiloye called attention to the obvious relationship between the local currency’s depreciation against international denominations and the accompanying increase in costs paid to get vital medical goods.
“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.
