FCCPC launches probe into soaring prices of Blood Pressure, Diabetes medications

The Federal Competition and Consumer Protection Commission (FCCPC) is investigating rising costs and price disparities of blood pressure and diabetic medications across various markets in the country.

Speaking at a stakeholder engagement session in Abuja, FCCPC Executive Vice Chairman, Mr. Tunji Bello, said the inquiry aims to improve healthcare and ensure affordable medication for all Nigerians.

Mr. Bello, Represented by Director of Surveillance and Investigations, Mr. Boladale Adeyinka, highlighted that the initiative also aims to protect consumers from exploitation and ensure their rights and well-being.

According to him, the commission has received multiple consumer complaints regarding inconsistent, high drug prices.

While reiterating the Commission’s commitment to working with stakeholders to fight counterfeit and substandard products, the FCCPC boss highlighted that the investigation seeks to uncover the root causes of these disparities and enhance healthcare access.

Key stakeholders, including Eze Ambrosia of the Association of Community Pharmacists of Nigeria, Ibrahim Tanko of the Pharmaceutical Society of Nigeria (PSN), and Osaretin Asowata of the Society for Family Health, identified factors like poor infrastructure, reliance on drug imports, and foreign exchange issues as drivers of high drug prices.

The stakeholder session saw participation from NAFDAC, Federal and State Ministries of Health, the Pharmacy Council of Nigeria, WHO, and others.

The discussions are expected to result in actionable recommendations to ease the burden on Nigerian consumers and improve the country’s pharmaceutical and healthcare sectors.