- Yemisi Bokinni, freelance journalist
- London, UK
- yemisi.bokinni{at}doctors.org.uk
In Nigeria, the rapidly escalating drug prices are indicative of a deeper issue: fundamentally, it’s about the economy. The situation shows no signs of abating, especially as recent reports in January 2024 indicated inflation has surged to a 27 year high of 28.92%.1
GlaxoSmithKline (GSK) announced its withdrawal in August 2023, citing various operational challenges and marking the end of its more than 50 year presence since its establishment in Lagos in 1972.2 Similarly, three months after GSK’s announcement, Sanofi, known for producing the polio vaccine, began planning its exit.3 Both companies have shifted to a third party distribution model to maintain their supply of products in Nigeria.
In numerous developing countries, notably within Africa and Asia, a striking paradox exists in which essential drugs can cost up to 30 times more than in developed nations.4 This stems from various factors, including procurement inefficiencies, opaque pricing models, and limited market competition, often dominated by prominent pharmaceutical firms.
The situation is further complicated by a reluctance to use cheaper generics, in part driven by concerns over counterfeit drugs. In Nigeria, for instance, the rampant presence of counterfeit drugs has led to a widespread preference for branded generics.5 Despite their higher prices, …
