Naira Devaluation Has Led to Increase in Drug Prices – Pharmacist

Osasogie Eboigbe, a Pharmacist with Biogenerics Nig. Ltd., said on Tuesday that the recent devaluation of Naira had increased the cost of drugs in the country.

He made this known in an interview with the News Agency of Nigeria (NAN) in Abuja.

He said: “The price of drugs for treating cancer related diseases haS increased because of the falling Naira to Dollar exchange rate in the international market.”

According to him, drugs mostly affected are imported.

“You have to pay more now to buy drugs abroad and import to Nigeria.

“Because all the drugs in this category (cancer) are imported to Nigeria, they’re not locally made.”

Also, a Pharmacist, Osaetin Asowata, said companies are increasing prices of drugs by five to 10 percent.

Citing an example with Leukaemia drugs, Asowata said “the price of drugs for treating Leukaemia has increased since the devaluation of the Naira.

He said: “Companies are increasing prices by five to 10 per cent.

“Some drugs used in treating Leukaemia: Glivec (multinational brand of ImatiniB-) sells for N590,000 per two to four weeks treatment.

“Imatinate (Indian brand of imatiniB-) goes for N30,000 for two to four weeks.

“Hydroxyurea is about N500 for one week treatment.

“Methotrexate Dail injection is about N3,000.

“Cyclophosphamide is about N1,000 per daily injection.

“Cyclosporin is about N22,000 for a month of the international brand.

“These are figures before Naira devaluation.

“But companies are increasing the prices by five to 10 percent after the devaluation of the Naira,” said the pharmacist.

Photo Credit: Patricioj/Dreamstime.com