Families already struggling” – APC chieftain urges Tinubu to intervene over soaring drug prices

Olatunbosun Oyintiloye, a prominent figure within the All Progressive Congress (APC) in Osun State, has made a fervent appeal to President Bola Tinubu to urgently address the alarming surge in prices of essential drugs across Nigeria.

In a statement relayed to the press in Osogbo, Oyintiloye highlighted the growing predicament faced by numerous Nigerians who cannot afford crucial medications due to their staggering costs.

He pointed to myriad factors contributing to the sharp rise in drug prices, notably citing the withdrawal of GSK, a key player in the pharmaceutical industry, in conjunction with the persistently high inflation rates and the devaluation of the naira.

According to Oyintiloye, these cumulative factors have rendered medications such as Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and other indispensable drugs financially inaccessible to the average citizen.

Quoting statistics from the National Bureau of Statistics (NBS), he highlighted a significant uptick of 68% in the value of imported medicines into Nigeria, amounting to a staggering N81.8 billion between July and September 2023.

The former lawmaker underscored the tremendous strain the escalating drug prices have placed on individuals and families already grappling with the country’s challenging economic landscape.

Oyintiloye drew attention to the evident link between the weakening of the local currency against foreign denominations and the subsequent surge in expenses incurred to procure essential medical supplies.

“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.