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Subsidy Removal: Cost of Basic Medication on Increase

By on January 9, 2012

The President of the Pharmaceutical Society of Nigeria has alerted Nigerians that the costs of basic medication will appreciate by 50% in a matter of weeks, if the removal of subsidy is not reversed by the Federal Government.

Speaking in Lagos, the President of PSN, Mr. Azubuike Okwor stated, “we predict at least a 50% hike in the cost of basic drugs in Nigeria in the weeks ahead if the subsidy removal is not reversed.”

The President of the apex body also expressed concerns that the masses will begin to patronize cheap knock offs of original drugs due to the affordability of these drugs.

The increase in drug prices he blamed on the increase in cost of production and distribution that are affected by increase in fuel prices.

The PSN has expressed solidarity with Labour stating that it will join in the National Strike to protest the fuel subsidy removal starting today.

The apex pharmaceutical body wondered why the efforts of government to boost liquidity and cut expenditure were not directed at other areas of perceived waste such as the allowances of government officials which run into trillions of Naira.

The PSN boss said, “We also see more agitations for wage increases by various cadres of personnel in the sector, who would be genuinely seeking to cushion the distress that this policy will foist on them.

We believe albeit strongly that the government’s approach towards boosting financial liquidity at this time should have been directed at reducing expenditure on wages and remuneration of political office holders and ensuring the development of a sustained capacity to refine all petroleum product requirements for local consumption and export.

As part of the multiplier effect of this unpopular government decision, the citizenry has been subjected to unprecedented hardship in all sectors including transportation where the increases on local and intercity travels have increased to between 100% – 200% and basic consumer items which have risen by up to 100% in most cases.”