Following the removal of fuel subsidy by the Federal Government, pharmacists in Nigeria, under the aegis of the Pharmaceutical Society of Nigeria(PSN), have warned Nigerians to expect a 50 per cent increase in the cost of drugs.
According to a statement issued in Lagos, at the weekend and signed by the PSN president, Mr Azubuike Okwor, the removal of subsidy on petrol which has affected virtually all sectors of the nation’s economy, would lead to increase in the cost of producing drugs which would ultimately affect the cost.
He explained: “The Pharmaceutical Society of Nigeria after a thorough evaluation of the possible impact of the subsidy removal on the pharmaceutical sector predicts at least a 50 per cent hike in the cost of basic drugs in Nigeria in the weeks ahead if the subsidy removal is not reversed. This is traceable to increases in running costs of machinery and equipment, vehicles and overall logistic plan related to professionally handling of drugs by manufacturers, importers, distributors and retailers.”
The PSN said it believed strongly that government’s approach towards boosting financial liquidity at this time should have been directed at reducing expenditure, the remuneration of political office holders and ensuring the development of a sustained capacity to refine all petroleum products for local consumption and export.
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