Connect with us

News

GSK’s Exit Spurs Unprecedented Hike in Antibiotic Costs Across Nigeria

Published

on

clinic

The recent withdrawal of pharmaceutical giant GlaxoSmithKline (GSK) from the Nigerian market has triggered a significant increase in antibiotic prices, creating a ripple effect across the nation’s healthcare system.

The sudden hike in costs has raised alarm among medical professionals, patients, and policymakers alike, highlighting the urgent need for a sustainable solution to ensure affordable access to essential medicines.

GSK, a leading player in the global pharmaceutical industry, announced its decision to exit Nigeria earlier this month, citing regulatory and market challenges as primary reasons.

This move has left a substantial gap in the supply of antibiotics, which has, in turn, led to an unprecedented surge in prices.

Reports indicate that the cost of common antibiotics has soared by as much as 60% in some regions, placing a heavy burden on both private and public healthcare sectors.

Dr. Amina Bello, a Lagos-based physician, expressed deep concern over the situation. “The sudden increase in antibiotic prices is alarming,” she said. “Many of our patients are struggling to afford these essential medications, which is compromising their treatment outcomes and overall health. We urgently need a strategy to address this crisis.”

The Nigerian government has initiated emergency measures to address the rising costs. The Ministry of Health is currently in talks with other pharmaceutical companies to increase the supply of antibiotics and stabilize prices.

Also, regulatory bodies are exploring ways to incentivize local production and reduce dependency on imported medications.

Despite these efforts, the immediate impact of GSK’s exit is being felt across various levels of the healthcare system.

Hospitals and clinics are reporting shortages of critical antibiotics, leading to potential delays in treatment.

Community health centers, which serve the most vulnerable populations, are particularly affected, as they struggle to keep up with the escalating costs.

The pharmaceutical sector in Nigeria has been grappling with numerous challenges, including fluctuating exchange rates, regulatory hurdles, and supply chain disruptions.

GSK’s departure has exacerbated these issues, drawing attention to the broader vulnerabilities within the healthcare infrastructure.

In response, industry experts are calling for increased support for local pharmaceutical manufacturers and a comprehensive review of the regulatory environment.

“To mitigate such crises in the future, we need to build a more resilient and self-sufficient healthcare system,” said Dr. Chukwudi Eze, a public health analyst. “Investing in local production capabilities and improving regulatory frameworks will be crucial in ensuring that essential medicines remain accessible and affordable.”

As Nigeria navigates this challenging period, the focus remains on finding sustainable solutions to stabilize antibiotic prices and secure a reliable supply chain.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

News

More Lagos Residents to Become Homeless as Government Intensifies Urban Planning Vision 

Published

on

The rate of destitute and homeless people in Lagos State is increasing, findings by Investors King have revealed.

This looming societal crisis is connected with the efforts of the Lagos State Government to enforce the Urban Planning Laws of the state and also bring its master plan to reality.

Notwithstanding the laudable efforts of the government, many poor residents, especially those who live in squalors and dirty coastal areas are paying the excruciating prizes as thousands of them have been thrown into accomodation distress.

While the about 3,000 residents of Ayetoro community in the Yaba Local Council Development Area (LCDA) of Lagos State are yet to recover from the shock they experienced during the demolition of their houses on Monday, the people of Mayegun Waterfront Scheme, located in Eti Osa Local Government Area of the state are about to taste same agony.

The Task Force and the Lagos State Emergency Management Agency (LASEMA) left thousands of families homeless and in distress after the demolition exercise.

Similarly, the state government had demolished structures under the Dolphin Estate Bridge where hundreds of people find shelter.

Not relaxing in its efforts at pulling down what it termed illegal landed property, the Lagos State Government has issued contravention notices to more than 280 illegal property owners and occupiers within the Mayegun Waterfront Scheme, located in Eti Osa Local Government Area, citing violations such as master plan distortion, slum development, and risks of coastal erosion.

The government of the nation’s commercial nerve centre said the action carried out on Saturday, September 14, is part of its broader effort to curb unregulated development that threatens Lagos’ urban landscape.

According to a statement on its X page, those served with the contravention notices have seven days to submit relevant documentation and approvals to justify their occupation of the properties in question.

It said failure to comply with the directive will result in demolition notices being issued, as the government continues to demonstrate its firm commitment to enforcing urban planning laws and safeguarding the state’s vulnerable coastal areas.

Investors King gathered that the government frowns against slums, squalor and under dirty and dangerous environments that could possibly become hideouts for criminals, hence its unrelenting efforts at sanitizing the state.

Continue Reading

News

UBA’s REDTV Premieres ‘13 Kinds of Women’ Live on YouTube on Sept. 19

Published

on

UBA’s REDTV, the lifestyle entertainment channel powered by the bank has premiered its anticipated series ’13 Kinds of Women.’

The 13-episode Ghanaian series, directed by award-winning filmmaker Eddie Seddoh, will be available for a global audience on YouTube this Thursday, September 19.

13 Kinds of Women offers an intimate look into the lives of diverse women, exploring their real-life relationship dynamics, challenges, and triumphs.

The star-studded series features some of Ghana’s most talented actors, including Prince David Osei, Harold Amenyah, Peter Ritchie, and Jasmine Baroudi, among others.

At the exclusive premiere event held last Friday at Silverbird Cinemas, Qazeem Bello, Chief Operating Officer at UBA Ghana, highlighted the significance of the series.

’13 Kinds of Women’ is more than just a show; it’s a celebration of the strength, resilience, and diversity of women. We are thrilled to bring this powerful story to life and share it with audiences worldwide,” he said.

He further emphasized the bank’s commitment to fostering African creativity through REDTV.

“As UBA’s lifestyle channel, REDTV is dedicated to telling Africa’s stories and empowering young content creators and filmmakers across the continent.

“We believe in the power of storytelling to shape cultures and communities, and we’re proud to celebrate creativity and collaboration through this series.

“It reflects UBA’s ongoing mission to engage with our audience while supporting emerging talents in film, scriptwriting, and production.”

REDTV, proudly powered by UBA, continues to deliver rich and engaging content that showcases the very best of Africa, spanning fashion, news, music, sports, drama, travel, and more.

With 13 Kinds of Women, UBA reinforces its commitment to enriching the African creative arts industry and promoting local talent on a global platform.

’13 Kinds of Women’ will be available for streaming on REDTV’s official YouTube channel from September 19.

Continue Reading

News

BREAKING: Sowore Released Few Minutes After His Arrest at MMA

Published

on

Omoyele Sowore - Investors King

Nigerian activist and former presidential candidate Omoyele Sowore was briefly detained by the Department of State Services (DSS) this morning at Murtala Muhammed International Airport in Lagos upon his return from the United States.

His passport was confiscated as part of a broader crackdown by the government in light of planned protests under the #EndBadGovernance protest. However, after a short period, Sowore was released.

“I have just been released. My passport and everything have been returned to me,” Sowore told reporters after his release.

Sowore had been with his family in the United States.

His flight left the Washington Dulles International Airport at 6.14 EDT and arrived in Lagos at around 9.43 WAT.

More Details Shortly…

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending