Professor Mojisola Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has addressed the misconception that the departure of GlaxoSmithKline (GSK) pharmaceutical company is to blame for the rise in drug prices within the country….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

Adeyeye made these remarks in Lagos on Friday, responding to speculations that the exit of GSK had a direct impact on drug prices in Nigeria.

It is worth noting that GSK, a British multinational pharmaceutical and biotechnology firm, announced its intention to cease operations in the country back in August.

Having been incorporated in June 1971 and beginning its operations the following year, GSK had been active in Nigeria for 51 years.

Adeyeye clarified, saying, “The primary reason for the escalation in drug prices is the depreciation of the value of the naira. Even before GSK’s planned exit from the country, the prices of commodities had been on the rise, and some of the products produced by GSK had experienced price reductions.”

She further explained, “From a regulatory standpoint, we encourage local manufacturing, and it’s important to note that GSK had been collaborating with local manufacturers.

They weren’t entirely reliant on imports. The foreign exchange issue poses significant challenges for multinational companies. They generate revenue locally, but repatriating these funds to their parent companies for further investments becomes increasingly complex.”