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. This warning was given by the Chairman of the branch, Pharm (Col) Victor Segun Ajanaku (rtd), FPSN, FCAI, during a press briefing in Ibadan. The briefing was held ahead of the 2026 World Pharmacists Day celebration and Awards Night.
Ajanaku stated that the pharmaceutical sector is being affected by rising operating costs, with many active pharmaceutical ingredients (APIs), machinery, and other inputs used in drug production being either imported or dollar-denominated. He noted that most APIs used in drug production are valued in dollars, which could lead to an increase in prices. The PSN chairman emphasized that pharmaceutical manufacturers are already struggling with the prevailing business environment.
The rising production costs are expected to have implications for medicine prices, according to Ajanaku. He stressed that the cost of drugs cannot come cheap, and when the cost of production is rising, it is unrealistic to expect manufacturers to absorb the costs without passing them on to consumers. Ajanaku, however, noted that pharmacists continue to assist patients who cannot afford medicines and healthcare services.
The PSN chairman highlighted the importance of pharmacists in the healthcare system, stating that they are among the most accessible healthcare professionals and are often the first point of contact for people seeking advice on medicines and health. Their responsibilities extend beyond dispensing medicines to include medication safety, patient counselling, disease prevention, and health promotion.
The Oyo PSN branch advocated for stronger local pharmaceutical manufacturing and supply chains, improved access to safe and affordable medicines, and investment in modern pharmacy facilities and equipment. They also called for greater adoption of digital technology in pharmacy practice and stronger collaboration among healthcare professionals.
Ajanaku urged Nigerians to obtain medicines from legitimate sources, avoid self-medication, and seek professional advice when necessary. The Oyo PSN has planned various activities, including health and wellness programs, public health enlightenment, and an Awards Night, as part of the 2026 celebration. A health walk will also be organized to promote physical activity and raise awareness about conditions such as osteoarthritis.
The warning by the PSN comes ahead of the 2026 World Pharmacists Day, themed “Empowering Pharmacists for Healthier Futures.” Ajanaku 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.
Key points
- Rising production costs and foreign exchange pressures may lead to an increase in medicine prices in Nigeria.
- The Pharmaceutical Society of Nigeria is advocating for stronger local pharmaceutical manufacturing and supply chains.
- Pharmacists play a crucial role in the healthcare system, providing medication safety, patient counselling, and disease prevention services.
