Why Are Drugs Still So Expensive In Nigeria? PSN Ex President Exposes The Real Problem Behind Nigeria’s Pharmaceutical Crisis
Former President of the Pharmaceutical Society of Nigeria, Pharmacist Olumide Akintayo, has called on the Federal Government to stop relying on temporary policies and urgently build a serious industrial system that can make medicines cheaper and strengthen local drug manufacturing in Nigeria.
Akintayo made this statement during the commissioning of the newly completed Asiwaju Adebowale Omotosho Pharmacy House, a five storey building owned by the Oyo State chapter of the PSN.
According to him, Nigeria’s heavy dependence on imported medicines from countries like India and China is not accidental. He explained that those countries intentionally built strong industrial policies that supported pharmaceutical manufacturing for years, while Nigeria failed to do the same.
He pointed out that local pharmaceutical manufacturers are struggling under unbearable conditions including unstable electricity, poor infrastructure, high production costs, expensive loans and weak government support.
In his words, no country can expect competitive pharmaceutical manufacturing while factories are being powered mainly by diesel generators.
Akintayo also criticised government procurement systems for failing to prioritise locally manufactured medicines in public hospitals and healthcare institutions. According to him, there is no point encouraging companies to produce locally when the same government refuses to create a reliable market for those products.
Another major issue raised was financing.
The former PSN president lamented that pharmaceutical manufacturers are borrowing money at interest rates as high as 25 to 30 percent, describing it as completely unsustainable for any serious manufacturing business.
He called on the Federal Government to empower institutions like the Bank of Industry to provide long term single digit loans for pharmaceutical companies and also invest in Active Pharmaceutical Ingredient production plants so Nigeria can reduce dependence on imported raw materials.
Also speaking at the event, pharmaceutical industrialist Asiwaju Adebowale Omotosho said many Nigerians underestimate how difficult manufacturing has become in the country. According to him, imported drugs from countries like China and Germany often enter the market cheaper and already have stronger market acceptance, making it difficult for local manufacturers to compete.
He added that many people now prefer trading instead of manufacturing because manufacturing takes time, patience and huge financial commitment before profits eventually come.
Chairman of the Oyo State PSN, Pharmacist Victor Ajanaku, also revealed that many pharmaceutical manufacturers and importers have either scaled down operations or completely exited the industry due to the harsh business environment, poor implementation of government incentives and difficulties accessing foreign exchange.
Perhaps the most striking part of the discussion is that this issue goes far beyond pharmacists alone.
Nigeria imports a huge percentage of its medicines despite having one of the largest populations in Africa. This dependence means every foreign exchange crisis, inflation spike or import disruption immediately affects drug prices nationwide, leaving ordinary Nigerians to suffer the consequences through expensive medications and reduced access to treatment.
The Olubadan of Ibadan, Oba Rasidi Ladoja, who officially declared the building open, also called for stronger collaboration between orthodox healthcare practitioners and traditional medicine experts, stating that indigenous medical knowledge should not be completely ignored.
As drug prices continue to rise across the country, many Nigerians are now asking a difficult question:
If India and China built strong pharmaceutical industries through deliberate government support, what exactly is stopping Nigeria from doing the same?
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