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    • Global health

    Drug prices soar after pharma giants GSK and Sanofi exit Nigeria

    Nigerians struggle to buy their prescribed medicines due to continuous price jumps caused by the country’s high inflation rate, weak naira, high import duties, and a deluge of exits by multinationals such as GSK and Sanofi.

    By Pelumi Salako // 04 April 2024

    Last October, Idoma Prince visited a pharmacy in Nigeria’s capital city of Abuja to replace his old inhaler but he returned home empty-handed.

    The 24-year-old user interface designer was shocked after he was told the cost of a Ventolin inhaler, which he uses for his asthma, was now 8,500 Nigerian naira ($5.34). He returned home with the thoughts of the shocking price looming in his mind. Just a few months before, he had bought the same product for 3,500 naira ($2.46).

    “I wasn’t prepared for that [price] at all so I had to delay getting it till I had enough money on me. This January I went to get [it] again and I saw that the price had gone up to 10,000 naira ($7.02) for one inhaler,” he told Devex.

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    More reading:

    ► The AU plans to pool resources to unify $50B pharma market (Pro)

    ► Big Pharma slammed for executive payouts that nearly match R&D budget

    ► African Development Bank sets up foundation to boost pharma sector

    • Global Health
    • Social/Inclusive Development
    • Trade & Policy
    • Private Sector
    • GSK
    • Sanofi
    • Nigeria
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    About the author

    • Pelumi Salako

      Pelumi Salako

      Pelumi Salako is a Nigerian journalist covering culture, technology, inclusive economies, and development. His works have appeared in Al Jazeera, The Guardian, the Thomson Reuters Foundation, NPR, Foreign Policy, and elsewhere. He holds a B.A. in History and International Studies from the University of Ilorin.

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