Is GSK’s Exit Out Of Nigeria Responsible For Hike In Drugs Prices? – NAFDAC Boss Speaks

Is GSK’s Exit Out Of Nigeria Responsible For Hike In Drugs Prices? – NAFDAC Boss Speaks

Prof. Mojisola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has clarified that the departure of GlaxoSmithKline (GSK), a pharmaceutical company, is not the cause of the rise in drug prices in the country.

Mrs. Adeyeye addressed these concerns amid speculations that GSK’s departure had impacted drug prices in Nigeria, speaking on Friday in Lagos.

Read Also VIDEO Of What Transpired When Remi Tinubu Arrived New York Ahead Of 78th UNGA (WATCH)

It should be noted that in August, GSK, a British multinational pharmaceutical and biotechnology company, announced its intention to close down its operations in the country. The company had been in operation in Nigeria for 51 years, having been incorporated in June 1971 and commencing business the following year.

Mrs Adeyeye said: “The first reason for the increment in the prices of drug is that the value of naira has depreciated.

“Before the planned exit of GSK from the country, prices of commodities general has gone up and some of the products GSK produced has decreased.

“From the regulatory perspective, we encourage local manufacturing and GSK have collaborated with local manufacturers. So it is not like they import everything.

“The issue of foreign exchange is huge for some of the multinational companies.

“They generate funds and it becomes difficult to repatriate the money back to their parent company where other developments will take place.”