The Pharmaceutical Manufacturers' Association ties medicine price increases to high production costs.
Local medicine makers and medical professionals around the country have ascribed the price increase to the high cost of production.
Mr Frank Muonemeh, Executive Secretary of the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria, stated that the cost of labor, electricity generation, and other inputs makes locally produced pharmaceuticals and products expensive.
He stated that the high cost of diesel, among other issues, is something over which manufacturers have little influence but which raises their operating costs significantly.
"Diesel was selling for N650 last year, but it currently costs roughly N1,060 or more. If we set the rates of locally manufactured products based on our production costs, the average Nigerian will not be able to purchase the drugs."
Muonemeh remarked that access to safe pharmaceuticals, affordability, and availability will be a mirage if local manufacture is not prioritized, and that end-to-end distribution raises production costs.
"Some of us are simply expressing our patriotism. We will not make a profit again. The government should begin supporting pharmaceutical companies to create these generic medications. The health sector, like the film business, can do it. Also, insurance will help reduce out-of-pocket expenses," he said.
Chisom Uchem, Executive Secretary of the Anambra State Primary Health Agency, stated that the dynamics of demand and supply will help reduce the price of locally manufactured pharmaceuticals.
He stated that the transition from conventional to alternative medicine will lessen reliance on foreign-made pharmaceuticals and drive prices down.
She stated, "Dogonyaro has proved effective in the treatment of fever. Quinine, which may be produced from the bark of some plants, is useful in the treatment of malaria and other illnesses. What we need to do is conduct a study and refine them to make them better.
"The Nigeria Institute of Medical Research can conduct research and development to identify methods of promoting alternative medicine in Nigeria so that we can establish our brand. The government should focus on encouraging research and development in schools.
"More people will want to work on developing more alternative drugs because the government is willing to support research and development."
She went on to say that with the government providing incentives to those interested in researching and developing alternative medications, more people will get involved and start developing more treatments that Nigerians may use to treat common illnesses, lowering drug prices.
"To accomplish this, we need to regulate our prescription products. If we achieve this, we will no longer rely on imported pharmaceuticals but on locally created drugs capable of serving Nigeria's growing population.