I don’t want to be remembered for my many fights — Obaseki

By our reporter

The departure of GlaxoSmithKline (GSK) from Nigeria has precipitated a profound healthcare crisis. 

Prices of GSK’s signature products, Augmentin 228mg and 475mg, have skyrocketed by 307 percent and 328 percent respectively between August 2023 when the company left Nigeria and August 2024, according to BusinessDay’s market findings.

The subsequent surge in antibiotic prices, coupled with drug shortages and the proliferation of counterfeit medications, has exposed the fragility of Nigeria's pharmaceutical supply chain. This crisis is not merely an economic challenge; it is a humanitarian one with far-reaching implications for public health.

The exit of multinational pharmaceutical companies underscores the systemic vulnerabilities within Nigeria's healthcare sector. 

While the potential for domestic pharmaceutical companies to expand their market share exists, they are constrained by a complex interplay of factors including inadequate infrastructure, limited financial resources, and an unstable economic environment. 

This creates a challenging landscape for fostering a robust domestic pharmaceutical industry.

To address this crisis effectively, a multifaceted approach is essential. Government intervention must prioritize exchange rate stabilization, targeted support for local pharmaceutical manufacturers, and the establishment of stringent drug regulatory frameworks.