Rising Medication Costs Threaten Access to Healthcare in Nigeria, Report Warns
A recent report by SB Morgen Intelligence has raised concerns that over-the-counter medications may become unaffordable for many Nigerians due to economic challenges, potentially limiting access to healthcare.
The report, titled “Paying the Price on Health,” analyzes the impact of Nigeria’s economic conditions and foreign exchange crisis on essential medicine prices, covering categories such as Antimalarial, Antibiotics, Painkillers, and Common Cold medicines.
Between 2019 and 2023, the study found that antibiotics experienced the highest price increases, notably the 500mg Ampiclox capsules with a 1,390% surge in cost price and a 1,100% increase in selling price during the period.
Antimalarial drugs showed the slowest price increase, and painkillers witnessed varied trends, with only one (Novalgin) maintaining its 2022 price in 2023.
The report indicated that 19% of respondents in a 2023 survey reported significant healthcare spending, while 67% of those who made lifestyle changes due to a high cost of living mentioned cutting back on healthcare bills.
Breaking down the categories, Emzor, the only local manufacturer in the painkillers segment, showed Paracetamol costs increasing by over 450% and selling prices by 250% since 2019.
The report suggested that rising production costs might contribute to this trend.
In the Common Cold category, medicines recorded the second-highest rate of increase since 2019.
Antibiotics, experiencing continuous demand, saw the highest jump in both cost and selling prices between 2022 and 2023.
The report highlighted the potential global consequences of rising drug costs in Nigeria, affecting access to essential medicines, increasing disease spread, and undermining international health security.
Beyond health implications, the increased costs may also signal a slowdown in foreign inflows in the pharmaceutical sector, impacting profit margins.
Source: Premium Times
