PSN Warns of Rising Drug Prices Due to Production Costs

The Pharmaceutical Society of Nigeria (PSN), Branch, has issued a warning regarding the potential increase in drug prices due to rising production costs, foreign exchange pressures, and reliance on imported pharmaceutical inputs. Pharm (Col) Victor Segun Ajanaku (rtd), FPSN, FCAI, the branch chairman, made this statement during a press briefing in Ibadan ahead of the 2026 World Pharmacists Day celebration and Awards Night.

He highlighted that many active pharmaceutical ingredients (APIs) and other production inputs are dollar-denominated, which contributes to rising costs. Ajanaku stated that pharmaceutical manufacturers are struggling with the current business environment, indicating that increased production costs will inevitably lead to higher medicine prices.

Despite these challenges, he noted that pharmacists continue to support patients who cannot afford medications. The PSN branch advocates for stronger local manufacturing, improved access to affordable medicines, and greater recognition of pharmacists' roles in healthcare.