Executive order to crash drug prices on President’s table – Minister

The Federal Ministry of Health and Social Welfare has said an executive order to curb escalating drug prices in the country is awaiting the assent of President Bola Tinubu.

The ministry made this known to our correspondent exclusively upon inquiry on the update of the executive order.

Markets survey showed that prices of some antimalarial drugs have increased between 11 per cent to 22 per cent. Also, prices of antidiabetic drugs have increased by 20 per cent.

The situation is pushing many patients to skip their life-saving medications.

The Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate, in February said the Federal Government would soon issue an executive order to curb escalating drug prices.

Pate, who spoke at the third edition of the ministerial press briefing series initiated by the Ministry of Information in Abuja, explained that the executive order was a short-term goal in reducing drug prices.

He added the FG’s mid to long-term goals towards reducing drug prices involved the domestication of 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 said.

Meanwhile, pharmacists in the country demanded details of the executive order.

According to them, the details will determine if the directive will help to crash drug prices in the country.

Stakeholders believe the increasing prices of medications are influenced by foreign exchange, inflation, importation of drugs, the elimination of fuel subsidies, and the exit of  GlaxoSmithKline Consumer Nigeria Plc.

In an inquiry sent by our correspondent on the update of the executive order, Pate’s Special Assistant on Media and External Relations, Tashikalmah Hallah, said, “The Executive Order has been developed and vetted. Awaiting Mr President to assent and sign it. After that, it will become public.”