Rising Energy Costs Drive Up Drug Prices in Nigeria

Patrick Ajah, Managing Director and Chief Executive Officer of May & Baker Nigeria Plc, stated that rising energy costs are leading to increased drug prices. He urged the federal government to support local pharmaceutical manufacturers by improving port clearance processes, infrastructure, and stabilizing power supply.

Ajah referenced an executive order signed by President Bola Tinubu allowing duty-free importation of pharmaceutical raw materials, which is crucial for manufacturing and has helped suspend planned drug price increases. He noted that the company could save 10-15% on medicine costs due to this policy.

However, Ajah highlighted operational challenges, particularly in clearing products at ports, and called for improvements in public infrastructure and power supply, as the company spends N65 million monthly on power. He also expressed concern over the rising burden of hypertension and diabetes in Nigeria, urging citizens over 35 to regularly monitor their health.

The company provided free medical checks during a health outreach event in Ikeja.