The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into the soaring prices of pharmaceutical products and healthcare services in Nigeria.
Speaking at the launch of the inquiry in Abuja, the Executive Vice Chairman of FCCPC, Tunji Bello—represented by the Director of Surveillance and Investigation, Boladale Adeyinka—highlighted the urgency of the probe, citing the increasing cost of medications and pharmaceutical equipment as a threat to accessibility.
Bello noted that the FCCPC, under the Federal Competition and Consumer Protection Act of 2018, is mandated to promote fair business practices and protect consumer rights.
He stated, “As part of our responsibilities, we are conducting an inquiry into the rising cost and price variations of drugs in Nigeria.”
He further expressed concern over the sharp increase in drug prices over the past year, stating that the commission had received numerous complaints from consumers.
“This investigation aims to uncover the factors behind these price discrepancies and ensure that Nigerians can access affordable and quality healthcare,” he added.
Osaretin Asowata of the Society for Family Health (SFH), in his goodwill message, stressed the need for stronger policies to improve healthcare delivery in the country.
Additionally, the National Chairman of the Association of Community Pharmacists of Nigeria, Eze Ambrosia, and the President of the Pharmaceutical Society of Nigeria (PSN), Ibrahim Tanko—represented by the FCT Chairman of PSN, Salamatu Orakwelu—identified key factors responsible for the high cost and price fluctuations of pharmaceutical products.