The Federal Competition and Consumer Protection Commission has launched an inquiry into the high cost and variation of drug prices in Nigeria’s pharmaceutical and healthcare sector. This move is in line with the Commission’s mandate to promote fair business practices and safeguard consumer interests, as empowered by the Federal Competition and Consumer Protection Act 2018.

The Executive Vice Chairman of FCCPC Mr. Tunji Bello,  lamented that the cost of medications has risen significantly over the past year, making it difficult for Nigerian consumers to afford the treatment they need. The high cost of drugs not only affects patients’ health outcomes but also places a strain on the country’s healthcare system.

Speaking at a stakeholders’ engagement in Abuja, Mrs. Boladale Adeyinka, FCCPC’s director of surveillance and investigations, who represented Bello, stressed that the rising cost of medications is making treatment unaffordable for many Nigerians and placing an additional strain on the healthcare system.
The Commission has received numerous consumer complaints regarding the variation and high costs of drugs in Nigerian markets. This inquiry aims to identify factors contributing to disparities in healthcare accessibility and affordability, particularly regarding drug pricing.

Mr. Bello emphasized the importance of ensuring Nigerians have access to quality and affordable healthcare services. The Commission believes that this inquiry is crucial in addressing the challenges faced by consumers in accessing affordable healthcare.

FCCPC further noted that the inquiry will examine the root causes of the high cost and variation of drug prices in Nigeria, with the ultimate goal of promoting fair competition and protecting consumer interests in the pharmaceutical and healthcare sector.