NAIRAMETRICS
The selling price of Paracetamol, which is a popular painkiller in Nigeria, rose by 275% in four years.
According to a new report by SB Morgen titled ‘Paying the price on health’, which was obtained by Nairametrics, the selling price of Paracetamol was N40 in 2019.
However, by 2023, the price of this popular painkiller has increased to N150.
The report noted that Paracetamol by the local manufacturing firm, Emzor, recorded the highest price increase among other painkillers.
It read:
- “Of all the brands considered in this category, Emzor is the only local manufacturer. Their Paracetamol brand also accounted for the highest rate of cost and selling price increase, growing by over 450% and 250%, respectively, since 2019.
- “This may be due to the strong brand presence that Paracetamol has built as a painkiller amongst the populace, thereby giving the manufacturer room to transfer rising production costs to the end user.”
A year-on-year analysis showed that the price of 500MG of Paracetamol rose by 25% in 2020, 60% in 2021, 25% in 2022, and 50% in 2023.
Increase in other drug types
The report identified different categories of drugs aside from painkillers. Others include common cold medicines, antibiotics, and antimalarials.
For common cold medicines, it was stated that Actifed had the highest cost and selling prices from 2019 to 2023 due to reasons, such as the brand’s goodwill built over the years and the foreign factor of the company’s production process, making it vulnerable to forex volatility.
The report further noted that across all drug categories, the highest jump in the cost and selling prices were recorded for antibiotics.
