Why Medicines Remain Expensive: Ex-PSN President Blames Lack of Industrial Support

Former PSN President Olumide Akintayo urged the Federal Government to move beyond temporary fixes. He called for a robust industrial system that can lower medicine costs and strengthen local drug manufacturing. Nigeria relies heavily on imports from India and China. Those countries built strong industrial policies, while local manufacturers suffer from unstable power, poor infrastructure and high production costs. Akintayo criticised procurement rules that ignore locally made drugs. He also asked the Bank of Industry to offer long-term single-digit loans and for investment in Active Pharmaceutical Ingredient plants to reduce import dependence. At the same event, pharmaceutical leaders noted that many companies struggle or exit the market because imported drugs often undercut local products. The Olubadan of Ibadan also urged collaboration between orthodox and traditional medicine experts.

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