Taiwo Hassan 
The health sector is likely to experience an increase in mortality rate except there is an urgent intervention to reduce the soaring prices of drugs in the country, especially High Blood Pressure (HBP), Diabetes (DB), erectile dysfunction medications, among others that have already risen by 1000 per cent, exacerbated by foreign exchange volatility.
Consequently, the skyrocketing cost leaves patients at severe risks, hence their passionate appeal for a downward review in prices of these essential medications.
New Telegraph correspondent carried out an on-the-spot check in prices of these drugs in pharmaceutical stores, chemist shops and other outlets nationwide and discovered a surge in drug prices, while sellers bemoaned the hike in cost which they regretted have gone beyond what the common man can afford.
Sadly, industry experts said that they are in shock over the 1,000 per cent increase in prices of some essential drugs, mostly for patients of HBP, diabetes mellitus, erectile dysfunction, and other critical conditions, facing short-term and long-term affordability crisis.
Recall that in his August nationwide broadcast, President Bola Tinubu reeled out an executive order, saying the Federal Government had introduced zero tariffs, excise duties, and value-added tax (VAT) on imported pharmaceutical inputs in a bid to reduce rising cost of drugs in the country.
Despite the President’s executive order, Nigerians are still burdened by exorbitant cost of medicines at various sales outlets across the nation.
During New Telegraph checks at a popular pharmacy on Bucknor Road, Isheri, Lagos, its chief pharmacist, who spoke on condition of anonymity, disclosed that pre-shipment cost of these medications drugs into the country are too exorbitant, adding: “The cost of clearing containers coupled with payment of Nigeria Customs’ tariffs and duties are very damning and one of the reasons for skyrocketing prices.”
“I can tell you vividly that these essential drugs for specially targeted patients are very expensive currently and it is not our fault; but their importation and pre-shipment order from foreign manufacturers is taking a large chunk of our capital investments.
But we have to sell according to the landing cost to remain in business too.” Proprietor of Rainbow Pharmacy in Ibadan, Oyo State, Mrs Rashidat Idowu, lamented that being in the drugs business line nowadays takes the grace of God.
She explained that the number one factor is changes in the macro-economy, including foreign exchange rate, rising transportation costs, instability in Customs exchange rates, multiple taxation, tariffs and duties, rent, high energy costs, manpower, salaries, rising AGO and PMS prices, registration fee and increments, among others.
A diabetes mellitus patient, Moses Ogechukwu, told New Telegraph that the high cost of drugs has worsened his deteriorating health at the moment as he spends N200,000 on drugs to make sure his sugar level comes down to 100.
His words: “We are begging the government to help us intervene in this rising cost of drugs. I want to personally appeal to the government to, please, declare emergence on diabetes mellitus drugs as we cannot afford it anymore.”
In a report by Manufacturers Association of Nigeria (MAN), the Chemical & Pharmaceutical Sectorial Group witnessed an improved confidence over the high positive expectations from the presidential order suspending import duty and VAT on medical supplies.
Operators in the sector expected the executive order will significantly reduce the cost of inputs, particularly Active Pharmaceutical Ingredients (API), which will help boost sales and reduce pressure on the forex.
