Former federal lawmaker from Bayelsa, Ben Murray Bruce, has expressed deep concern over the escalating cost of drugs in Nigeria. In a video shared on his official social media handle, Bruce highlighted the growing inaccessibility of essential medications such as ventolin for asthma patients and insulin for individuals with diabetes, particularly for the average Nigerian.
Bruce underscored the challenges posed by the exorbitant prices of prescription drugs in the country, emphasizing the potential threat to the health and well-being of the population. He attributed the surge in drug prices to disruptions in major biotech and pharmaceutical hubs globally, including Israel, Ukraine, and India. These disruptions have significantly impacted the global supply chain for prescription drugs, affecting countries like Nigeria that heavily rely on imports.
To address this pressing issue, Ben Bruce called for the establishment of a pharmaceutical trust fund aimed at supporting entrepreneurs entering the Nigerian biotech and pharmaceutical industry. He emphasized the need for a national intervention fund to shift the country’s focus inward and reduce dependence on external sources for essential medications.
In his proposal, Bruce suggested the creation of a pharmaceutical trust fund that would provide low-interest, single-digit loans to both Nigerian citizens and foreign residents willing to establish pharmaceutical manufacturing facilities within the country. This strategic move, he believes, will help meet the increasing demand for prescription drugs in Nigeria and alleviate the financial burden on citizens.
As the call for action gains momentum, stakeholders and policymakers are urged to consider the establishment of such a pharmaceutical trust fund as a viable solution to address the rising cost of drugs and ensure the accessibility of essential medications for the Nigerian population.
