By Daniel Edu
Stakeholders in the pharmaceutical sector have called on the federal government to take immediate measures to stabilize the exchange rate, warning that the sector is at risk of complete collapse. The appeal was made during a roundtable discussion organized by the Association of Community Pharmacists of Nigeria (ACPN) in Oyo State, with the theme “The impact of the high cost of drugs on patients and the healthcare system: The pharmacist’s stand.”
Panellists at the event, held in Ibadan, expressed concern that the depreciation of the naira has had adverse effects on the pharmaceutical sector. They highlighted the potential for further increases in the prices of medical products if the exchange rate instability is not addressed promptly, urging the government to intervene.
Adebayo Gbadamosi, Chairman of ACPN, emphasized that the high cost of pharmaceuticals is a complex challenge requiring a multifaceted approach. He stated that the roundtable was convened to address the pressing issues facing the sector.
Pharmacist Taofik Odukoya highlighted the challenges the sector faces due to inflation in the country, emphasizing the need to address the issue promptly to ensure the affordability of drugs for the public.
Pharmacist Sam Ebuka Ejiofor noted that the fall of the naira is contributing to the increasing prices of pharmaceutical products, affecting both individuals and businesses in the sector.
Aderemi Omotosho, another pharmacist, urged the federal government to stabilize the naira, pointing out that the pharmaceutical industry is grappling with inflation across all sectors. He emphasized the importance of a stable exchange rate to mitigate the challenges faced by manufacturers.
Amidu Rahmon highlighted the impact of exchange rate instability on pharmacy businesses, noting the fluctuating prices within a single day. He stressed the urgency of addressing the situation to secure the future of the pharmaceutical sector.
