NAFDAC says GSK exit not responsible for increase in prices of drugs

Sept. 16, 2023

Prof. Mojisola Adeyeye, Director-General, National Agency for Food and Drug Administration and Control (NAFDAC) says exit of GlaxoSmithKline (GSK) pharmaceutical company is not responsible for increase in prices of drugs in the country.

Adeyeye spoke against the backdrop of speculations that the exit of GSK had affected the prices of drugs in the country on Friday in Lagos.

GSK, a British multinational pharmaceutical and biotechnology company, in August announced plans to shut down its operations in the country.

The company had operated for 51 years in Nigeria, haven been incorporated in June 1971 and commenced business the following year.

Adeyeye said: “The first reason for the increment in the prices of drug is that the value of naira has depreciated.

“Before the planned exit of GSK from the country, prices of commodities general has gone up and some of the products GSK produced has decreased.

“From the regulatory perspective, we encourage local manufacturing and GSK have collaborated with local manufacturers. So it is not like they import everything.

“The issue of foreign exchange is huge for some of the multinational companies.

“They generate funds and it becomes difficult to repatriate the money back to their parent company where other developments will take place.” (NAN)