The prices of painkiller medications also called analgesic drugs, since 2022 have been rising upwards of 200 percent and have put a heavy strain on average citizens. With the economy facing high inflation and a weakening currency, this sharp rise in costs is not just a number on a page. It represents a persistent struggle impacting the well-being and financial stability of numerous people every day. March 2024 saw Nigerian consumers struggling with their finances as the National Bureau of Statistics (NBS) announced a concerning inflation rate of 33.2 percent, adding to their existing economic woes.
In March 2023, the inflation rate stood at 22.04 percent. This increasing pattern has been a cause for concern as it continues to climb each year, showing a worrying trend across different sectors such as food, drinks, power, fuel, and housing. This surge has not only impacted household finances but has also led to a sharp increase in the prices of crucial items, especially pain relief medications. And now in 2024, the slow but steady increase has resulted in a significant effect, causing a direct impact on the accessibility of healthcare.
Rising costs of medications impact pharmacy sales.
A large portion of the population are unable to meet up to the rising prices of pain medications, which are essential for treating both chronic and acute conditions. This increase in costs is significantly affecting the pharmaceutical industry, particularly in terms of manufacturing expenses, importing raw materials, and purchasing necessary equipment. Moreover, pharmaceutical companies are struggling with the rising costs of logistics, distribution, and packaging materials, which is making it difficult for them to control operational expenses and keep the prices of necessary medications, such as pain relievers, affordable.
Findings have uncovered a detailed overview of price variations in OTC pain medications, highlighting the differences from 2022 to 2024. Diclofenac tabs which was sold for ₦100 – ₦2500 in 2022 are now sold for ₦500 – ₦4000; Ibuprofen tabs ₦400 – ₦2000 now ₦500 – ₦6000; M&B Paracetamol tablets (per sachet) ₦50 – ₦100 in 2022, now ₦200; Paracetamol baby drops ₦400, now ₦600; Paracetamol syrup for children of ₦400 – ₦1200 now, ₦600 – ₦2500; Panadol (per sachet) of ₦200, now ₦400; Ibuprofen children’s syrup of ₦500 – ₦3000 now, ₦800 – ₦4500. An anonymous pharmacist, speaking to the media, pointed out that the rising costs of medications have had a major impact on pharmacy sales.
Individuals are choosing more economical options.
It was observed by the pharmacist that Nigerians are shifting towards cheaper alternatives, such as herbal remedies, or purchasing smaller doses of pain relief medications due to rising prices. In terms of consumer behaviour changes, individuals are choosing more economical options when possible. In cases where specific medications are required, they are buying them in reduced quantities, according to the pharmacist. To save money on medication costs, a customer revealed to the media his approach of toughing out pain and avoiding painkillers unless it is absolutely essential.
Healthcare providers are worried about the negative effects of increasing medication costs on adherence, with one noting that patients often misuse medication by trying to stretch out doses to save money. As a measure to address this financial burden, another provider recommended that Nigerians look into getting health insurance. Enrollment options include signing up with the NHIS or HMOs for basic medication coverage. It is encouraged that insured individuals take full advantage of their benefits. Healthcare providers remain hopeful for a stabilization in medication costs, looking towards a positive future.
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Alphonso Isara, the President of the National Association of Public Health Physicians of Nigeria (NAPHPN), brought attention to the escalating prices of medications in Nigeria in March. He expressed concern that this could worsen the existing healthcare struggles of Nigerians, emphasizing the heavy burden placed on those already dealing with health issues due to the high costs of drugs. Isara noted that it is crucial for relevant stakeholders to come together to tackle these pressing issues, warning that healthcare, particularly public health, are currently at risk.
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