The impact of inflation on medicine prices in Nigeria: a comparative analysis of public and private pharmacies.

Abstract

Access to medicines remains a significant challenge in low-and middle-income countries. In Nigeria, access to medicines is particularly difficult due to a mix of factors such as high out-of-pocket expenditure, inequitable distribution of healthcare facilities, and health workforce brain drain. Recently, this has been further exacerbated by adverse macroeconomic factors such as high inflation and currency devaluation due to weak international trade. In this paper, the authors examine the rising cost of medicines in Nigeria's private and public pharmacies over a period of 12 months from March 2023 to February 2024. By conducting market research and a quantitative analysis of price changes across three drug classes, the study reveals consistent price increases for medicines sold in the public and private sector; with the most increase occurring in the private sector. The findings highlight that these price pressures, in addition to limiting access to medicines, can affect healthcare businesses adversely, leading to more job losses and worsening inequality. The paper concludes with a discussion of the necessity of robust social protection policies to mitigate the financial burden on patients.