FG Probes Pharmacies Over Hike In Price Of Chloroquine

By Ayodele Oluwafemi

Following the public outcry that trailed the hike in the price of hydroxychloroquine, a drug touted as potential cure of COVID-19, by some pharmacies, the Federal Competition and Consumer Protection Commission, FCCPC, has waded in to unearth reasons for the unusual hike.

On Sunday, many Nigerians took to the microblogging platform twitter to call on regulatory agencies to checkmate the excesses of some pharmacies and supermarkets, after a Twitter user posted a pack of hydroxychloroquine, he bought in a pharmaceutical store in Port Harcourt, the state capital of River state.

On the pack, the price tag on the pack of the drug bought from Ebus Pharmacy was N50000 sparking outrage on the price of the drug which sold for about N1,000 before now.

Reacting to the development, FCCPC noted that it has received several complaints on the issue and those involved are currently under investigation. The commission said it was probing the “unreasonable, unjust and irrational” prices of drugs capable of managing COVID-19.

The commission, in a statement, by its Chief Executive Officer, Babatunde Irukera, wrote, “Although investigations are progressing, preliminary findings show that HealthPlus Limited indeed has carried at least two brands of Hydroxychloroquine with internal control documents showing sale prices of N33,000.00 and N75,000.00.

“Ebus admits the veracity of the posts showing its price at N50,000.00. There is evidence that New Health Pharmacy has sold Hydroxychloroquine between N50,000.00 and N65,000.00.

“In addition, in some of the targets of this investigation, the Commission discovered what appeared to be inconsistent pricing of other products that are considered relevant to managing Covid-19 with most being sold at margins between 66% and 89%.

“The investigation is at early stages and the Commission has not made any final findings. However unreasonable, unjust and irrational prices or margins are a criminal offence under the Federal Competition and Consumer Protection Act and the Commission is currently prosecuting some pharmacies and supermarkets for this.

“It is unconscionable, exploitative and predatory to take opportunistic advantage of citizens on account of a pandemic and consumer apprehension. The Commission again reiterates its previous advisories and admonitions while reinstating its commitment, desire and will to enforce the law.”

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