The Nigerian government says plans are on the way to regulate the prices of pharmaceutical products and make essential medicines affordable to all citizens.
Coordinating Minister of Health, Ali Pate, who disclosed this to State House correspondents on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, says the move will be activated via an executive order.
He stated that rising drug costs have put life saving commodities out of reach for many Nigerians.
According to him, the executive order aims to enable local drug manufacturers to thrive, while ensuring fair pricing of essential medicines.
He said this follows the exit of major multinational pharmaceutical companies from Nigeria, reducing competition.
According to Pate, the order reflects President Tinubu’s commitment under the Renewed Hope Agenda to prioritise health are access.
He said: “Consistent with the President’s Renewed Hope Agenda, which puts the human capital, health and social welfare of Nigerians at the centre, today at the Federal Executive Council, Mr. President took three far-reaching decisions relating to the health sector.
“The first is on the rising cost of pharmaceuticals, the hike in prices that we have in the pharmaceutical, which is going beyond the reach of many Nigerians, life-saving commodities, devices like syringes and needles and the exit of major companies from our market.
“Those decisions also include the regulation of the sector to protect the health and well-being of humans and the third decision is regarding how we deal with the crisis of human resources in the health sector
