The Federal Ministry of Health and Social Welfare has stated that an executive order aimed at addressing the rising drug prices in the country is awaiting the approval of President Bola Tinubu.
Responding exclusively to our correspondent’s inquiry regarding the progress of the executive order, the ministry confirmed that it is still pending final approval.
Recent market surveys have revealed an increase in prices of certain antimalarial drugs by 11 to 22 percent, as well as a 20 percent rise in prices of anti-diabetic medications. This price surge has led to difficulties for many patients who are struggling to afford their essential medications.
Prof. Muhammed Pate, the Coordinating Minister of Health and Social Welfare, previously announced in February that the Federal Government would introduce an executive order to address the issue of escalating drug prices.
During the third edition of the ministerial press briefing series organized by the Ministry of Information in Abuja, Pate highlighted that the executive order was a short-term strategy aimed at reducing drug prices.
Furthermore, he outlined the government’s mid to long-term objectives, which involve localizing imported drugs within the next three years in collaboration with the Ministry of Industry, Trade, and Investment.
“The rising cost of pharmaceuticals is a pressing concern, and we are taking decisive action to address this issue. An executive order will soon be issued to curb escalating drug prices in the short term, while our mid to long-term goal involves the domestication of imported drugs within the next three years, in collaboration with the Ministry of Trade,” Pate had highlighted.
Pharmacists in the country are seeking clarity on the details of the executive order, which they believe will determine its impact on reducing drug prices.
They attribute the rising costs of medications to various factors, including foreign exchange rates, inflation, drug importation, fuel subsidy removal, and the exit of a major pharmaceutical company.
In response to an inquiry, the Health Minister’s aide, Tashikalmah Hallah, provided an update on the executive order’s status.
The Executive Order has been developed and vetted. Awaiting Mr President’s assent and signing. After that, it will become public.”
