Prof. Mojisola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has denied the notion that the exit of GlaxoSmithKline (GSK) pharmaceutical company is responsible for the recent rise in drug prices within the country.
Adeyeye addressed this concern amidst speculation that GSK’s exit had impacted drug prices in Lagos on Friday.
It is worth noting that GSK, a British multinational pharmaceutical and biotechnology company, had announced in August its intention to cease its operations in Nigeria. The company had been operating in Nigeria for 51 years, having been incorporated in June 1971 and commencing business the following year.
Adeyeye clarified, stating, “The primary reason for the increase in drug prices is the depreciation of the value of the naira. Even before GSK’s planned exit from the country, there had been a general increase in commodity prices, and some of the products previously produced by GSK had decreased in availability.”
She further emphasized the regulatory perspective, explaining, “We actively promote local manufacturing, and it’s important to note that GSK had collaborated with local manufacturers. They were not entirely reliant on imports. The challenge some multinational companies face pertains to foreign exchange, as they generate funds locally but encounter difficulties in repatriating these funds to their parent companies, where further investments and developments are planned.”
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