The Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria has revealed that pharmaceutical products in the country have surged in price by a staggering 300 percent.

This dramatic increase in costs, according to the group, can be attributed to several challenges, including foreign exchange issues and the high cost of production.

Oluwatosin Jolayemi, the Chairman of PMGMAN, explained in an interview that pharmaceutical companies are grappling with difficulties in accessing foreign exchange.

He noted that the lack of a petrochemical industry and an Active Pharmaceutical Ingredient (API) industry in Nigeria is a significant impediment.

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To produce APIs, which are essential components in drug manufacturing, Nigeria relies heavily on imports, and this dependence on foreign sources puts pressure on foreign exchange reserves, leading to increased drug costs.

Jolayemi also highlighted rising production costs, which are being exacerbated by a 40 percent increase in power costs.

Lolu Ojo, a former President of the Association of Industrial Pharmacists of Nigeria, added that the increasing costs of replacing drugs due to price hikes and challenges related to foreign exchange, fuel prices, and distribution expenses are further driving up drug prices.