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

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

 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.

 

The News Agency of Nigeria (NAN) recalls that 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.”

Source: GSK exit not responsible for increase in prices of drugs – NAFDAC

 - NigerianEye

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