The Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate, announced on Wednesday that the Federal Government is set to issue an executive order to address the escalating prices of drugs in the country. 

Prof Pate highlighted the executive order as a short-term measure aimed at reducing drug prices, with additional mid to long-term strategies planned in collaboration with the Ministry of Industry, Trade, and Investment.

Speaking at the third edition of the ministerial press briefing series initiated by the Ministry of Information in Abuja, Prof Pate outlined the government’s plans to tackle the rising costs of pharmaceuticals. He emphasized that pharmaceutical-grade warehouses at the federal level will be commissioned in April 2024 as part of these efforts.

Prof Pate acknowledged the concerns raised by experts in the pharmaceutical industry, citing factors such as depreciating currency, hoarding, importation of drugs and raw materials, and high tariffs on pharmaceutical imports as drivers of the escalating drug prices in the country.

In response to these challenges, Prof Pate stated, “The rising cost of pharmaceuticals is a pressing concern, and we are taking decisive action to address this issue.” He further elaborated on the government’s approach, stating that “An executive order will soon be issued to curb escalating drug prices in the short term, while our mid to long-term goal involves the domestication of imported drugs within the next three years, in collaboration with the Ministry of Trade.”