Given Nigeria's economic realities, over-the-counter medicines may soon be out of reach for people who cannot afford hospital facilities in Nigeria, a new report has said.
The report titled 'Paying the Price for Health' by SB Morgen Intelligence analyzed the impact of the Nigerian economy and currency crisis on the prices of essential medicines in the country.
The group said it collected data on drug prices across four broad categories: antimalarials, antibiotics, painkillers and cold medicines from 2019 to 2023.
According to the report, antibiotics recorded the highest price increase, while 500mg Ampicrox capsules recorded the highest price increase. Between 2019 and 2023, cost prices are expected to increase by 1,390 percent and selling prices by 1,100 percent.
Antimalarial drugs had the slowest price increase during the study period, but in the painkiller category, following a 25% price increase in 2022, only one company maintained 2022 prices in 2023. (Novargin) only.
SBM found that 19% of respondents in its 2023 survey reported spending a significant portion of their income on medical expenses, and 67% of respondents reported changing their lifestyle due to the high cost of living. % cited reductions in medical costs.
Category breakdown
Five brands of medicines were considered in all categories, except antibiotics, where 10 brands were evaluated.
Among all brands in the painkiller category, Emzol is the only domestic manufacturer whose paracetamol accounted for the highest cost and sales price increases, increasing by over 450 percent and over 250 percent, respectively, since 2019.
“This may be because paracetamol has developed a strong brand presence among the public as a pain reliever, thereby giving manufacturers scope to pass on higher production costs to end users,” the report said. are doing.
Similar to other categories, the cost of medicines belonging to the painkillers category has grown faster than the cost in 2023, with the exception of Brustan-N, manufactured by Indian manufacturer Sun Ranbaxy. grew faster than.
Pharmaceuticals in the cold category recorded the second highest rate of increase since 2019. According to the report, on a year-on-year basis, the cost of Procold and Mixa Grip recorded the highest rate of increase. Fruge, on the other hand, recorded the slowest increase rate at 17.65%.
Among all drug categories, the highest increase in cost and selling prices was recorded in the antibiotics section, which can be attributed to the continued demand for antibiotics.
From 2022 to 2023, Amoxil had the fastest growth rate, surging more than 400 percentage points. This was followed by Ampicrox, which saw an increase of 240 percentage points.
Of all categories considered, the antimalarial drug category had the lowest rate of increase.
From 2019 to 2023, Rohnert recorded the highest cost and selling price increases, rising 110 percent and 92.3 percent, respectively, the report said.
Unlike the cold category, the rate of increase in cost prices was faster than sales prices, reducing profit margins for drug retailers.
what it means
The report says rising drug prices in Nigeria have far-reaching implications beyond borders.
“It threatens to exacerbate global health challenges by reducing access to essential medicines, increasing the spread of disease and undermining international health security,” the report said.
“Due to the high prices of medicines in Nigeria, patients are forced to withhold doses or stop treatment altogether based on anecdotal observations.
“This can lead to the development of drug resistance, making infections more difficult to treat. It can also worsen chronic diseases and lead to increased morbidity and mortality.”
The report further states that if patients cannot afford essential medicines, they may resort to self-medication or seek treatment from unqualified doctors, leading to inappropriate use of antibiotics. He explained that this could lead to the development of drug resistance.
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He added that untreated patients could continue to shed pathogens, increasing the spread of infection.
Foreign exchange impact
The SBM report also noted that rising pharmaceutical costs indicate that foreign inflows into the pharmaceutical business may slow as profit margins decline.
The report quoted Boradel Silva, Professor of Pharmacy at the University of Lagos (UNILAG), explaining that Nigeria's pharmaceutical industry is highly exposed to shocks from currency fluctuations.
“What we have in Nigeria is a packaging hub. Most of the active pharmaceutical ingredients and excipients used by manufacturers are imported. That makes us very vulnerable to economic shocks,” he said. and explained the soaring prices of pharmaceuticals.
About SBM
SBM intelligence is an Africa-focused geopolitical research and strategic communications consulting firm serving critical needs in political, social, economic, and market data and big data analytics.
Since 2013, the organization has provided data analytics and strategic communications solutions to clients in a variety of sectors in Nigeria, Ghana, Ivory Coast, Kenya, South Africa, the United Kingdom, France, and the United States.
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