Nigerians may pay more for prescription drugs following
United States President Donald Trump’s decision to regulate pricing in his
country.
Trump announced his decision in a late evening Truth Social
post on Sunday.
The US president said by Monday morning, he would sign an
executive order reducing prices of prescription drugs and pharmaceuticals by 30
to 80 percent.
“They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!” he said.
Explaining his decision, Trump said medication costs highest
in the US owing to claims of research and development funding coverage from
pharmaceutical companies.
He said the consequence was an unfair hike in prices for
Americans.
“I will be instituting a MOST FAVORED NATION’S POLICY
whereby the United States will pay the same price as the Nation that pays the
lowest price anywhere in the World,” Trump said.
“Our Country will finally be treated fairly, and our
citizens Healthcare Costs will be reduced by numbers never even thought of
before.
“Additionally, on top of everything else, the United States
will save TRILLIONS OF DOLLARS.”
He also linked his decision to his “Make America Great
Again” mandate.
NIGERIANS TO BE MOST AFFECTED
According to a pharmaceutical report, over 70 percent of
medicines in Nigeria are imported, with medicines accounting for perhaps $4
billion within Nigeria’s total healthcare spend of $10 billion.
Out-of-pocket expenditure can be as high as 62 percent of
total healthcare expenditure, mainly due to limited access to health insurance.
The local pharmaceutical industry meets only about 25
percent of local demand.
Even with a growing pharmaceutical market, economic
inequality and a heavy reliance on imports makes a significant portion of
Nigerians vulnerable to global price shifts, foreign exchange volatility, and
supply chain disruptions.
If pharmaceutical companies respond to US price caps by
limiting supply or raising prices elsewhere, this could disrupt the
availability or affordability of certain drugs in Nigeria, particularly branded
or specialty medicines.
Nigeria is a major recipient of US-funded health programmes,
such as PEPFAR for HIV/AIDS.
While the new executive order on drug pricing is separate
from foreign aid, recent Trump administration policies have included freezes or
reviews of US foreign aid.
Any changes in US pharmaceutical procurement or aid could
indirectly affect Nigeria’s access to affordable or donated medicines,
especially for HIV, tuberculosis, and malaria.
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