Olatunbosun Oyintiloye, a key figure in the All Progressive Congress (APC) in Osun State, urgently appeals to President Bola Tinubu, urging immediate action to tackle the concerning rise in prices of crucial drugs nationwide.
In a press release issued in Osogbo, Oyintiloye highlighted the increasing hardship faced by numerous Nigerians who cannot afford vital medications due to a rapid surge in costs.
He identified various factors contributing to the sharp increase in drug prices, including the withdrawal of GSK, a major player in the pharmaceutical industry. Additionally, persistent high inflation rates and the devaluation of the naira played significant roles.
Oyintiloye pointed out that these combined factors have rendered essential drugs like Amlodipine, Augmentin, Paracetamol, Exforge, Coartem, and others financially out of reach for the average citizen.
Citing statistics from the National Bureau of Statistics (NBS), he emphasized a substantial 68% increase in the value of imported medicines into Nigeria, reaching a staggering ₦81.8 billion between July and September 2023.
The former lawmaker underscored the immense burden escalating drug prices have placed on individuals and families already grappling with the challenges of the country’s economic landscape.
Oyintiloye drew attention to the evident correlation between the weakening of the local currency against foreign denominations and the subsequent rise in expenses for acquiring essential medical supplies. He noted, that 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.
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Monroe Washington