Rising production costs may push drug prices higher — PSN

The Pharmaceutical Society of Nigeria (PSN), Oyo State Branch, has warned that rising production costs, foreign exchange pressures and dependence on imported pharmaceutical inputs could further increase the cost of medicines in Nigeria.

Chairman of the branch, Pharm (Col) Victor Segun Ajanaku (rtd), FPSN, FCAI, gave the warning in Ibadan during a press briefing ahead of the 2026 World Pharmacists Day celebration and Awards Night.

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Ajanaku, who was flanked by the branch’s Publicity Secretary, Pharm Bola Oladokun; General Secretary, Pharm Adedayo Akala; Assistant General Secretary, Pharm Morzoog Hameed; Internal Auditor, Pharm Ololade Adeleye; and Adebayo Gbadamosi, also made a case for stronger local manufacturing and a more stable foreign exchange environment.

Ajanaku said the pharmaceutical sector was being affected by rising operating costs, noting that many active pharmaceutical ingredients (APIs), machinery and other inputs used in drug production were either imported or dollar-denominated.

“Most of the APIs that we use in the production of drugs are valued in dollars. And if they are valued in dollars, then you should expect that there will be an increase one way or the other,” he said.

He said pharmaceutical manufacturers were already struggling with the prevailing business environment, warning that rising production costs would have implications for medicine prices.

“The truth of the matter is, and we have to face reality, the cost of drugs cannot come cheap. When the cost of production is rising, you cannot expect me… unless you want to send me out of business,” Ajanaku said.

The PSN chairman, however, said pharmacists continued to assist patients who could not afford medicines and healthcare services, noting that some practitioners provide support despite increasing business costs.

The warning formed part of the branch’s message ahead of the 2026 World Pharmacists Day, themed “Empowering Pharmacists for Healthier Futures.”

Ajanaku said pharmacists were among the most accessible healthcare professionals and were often the first point of contact for people seeking advice on medicines and health.

He said their responsibilities extended beyond dispensing medicines to include medication safety, patient counselling, disease prevention, health promotion, immunisation, screening, antimicrobial stewardship, chronic disease management and pharmacovigilance.

He called for continuous professional development, stronger integration of pharmacists into healthcare teams, supportive policies, effective regulation and greater recognition of pharmaceutical expertise in healthcare policy.

The branch also advocated stronger local pharmaceutical manufacturing and supply chains, improved access to safe and affordable medicines, investment in modern pharmacy facilities and equipment, and greater adoption of digital technology in pharmacy practice.

Ajanaku further called for stronger collaboration among healthcare professionals and meaningful representation of pharmacists in healthcare leadership and policy discussions.

He urged Nigerians to obtain medicines from legitimate sources, avoid self-medication and seek professional advice when necessary.

The Oyo PSN has planned health and wellness activities, public health enlightenment, professional engagements and an Awards Night as part of the 2026 celebration.

A health walk will also be organised to promote physical activity and raise awareness about conditions such as osteoarthritis.