UNILAG Pharmacy Students Propose Innovative Solutions to Combat Rising Drug Prices

Pharmacy students at the University of Lagos (UNILAG) have proposed innovative strategies to address the persistent rise in drug prices in Nigeria. This initiative was highlighted during the Annual Health Week Symposium, themed "Turning Innovation into Impactful Pharma-solutions," organized by the Pharmaceutical Association of Nigeria Students, UNILAG chapter.

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Adeshina Opanubi, Lead Consultant of Pharmalliance, emphasized the importance of local innovation to counteract challenges in the pharmaceutical industry, particularly those related to the volatile exchange rate. He urged stakeholders to explore indigenous products and consider import substitution to build a sustainable local industry. Opanubi highlighted the need for companies to focus on Active Pharmaceutical Ingredients (APIs) to reduce dependency on imports, mainly from China and India. He stated, "Now that the exchange rate is getting out of hand, we need to look inward and see what we can do locally. What products are indigenous to us – Nigeria and Africa, that we can begin to explore?"

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Opanubi outlined the drivers of innovation, including financial pressures, competition, shorter product life cycles, demographic and social changes, and rising customer expectations. He defined innovation as an alternative approach that provides economic and behavioral benefits, solves problems, or improves daily life. "Innovation involves the whole process from opportunity identification, ideation, development, prototyping, production, marketing, and sales," Opanubi explained.

Prof. Gloria Ayoola, Dean of the Faculty of Pharmacy at UNILAG, commended the students for their focus on innovation. She emphasized that pharmacists not only create drugs but also innovate to improve patient outcomes and healthcare delivery. However, she identified financial constraints as a significant barrier to transforming innovations into practical pharma solutions. "Innovation is core to what we do as pharmacists. It is one thing to innovate; it is another to turn our innovation into practical and actionable pharma solutions," Ayoola said.

Dr. Foluke Ayeni, Sub-Dean, stressed the need for government support and effective policies to provide the pharmaceutical industry with necessary raw materials. This support is crucial for maintaining affordable drug prices. Ayeni added, “So, for our students to be able to turn the current challenges we have in the pharmaceutical space into innovations that can better the pharmaceutical industry, is the reason why we are here today."

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The symposium underscored the potential of innovation to address the rising costs of pharmaceuticals in Nigeria. By focusing on local resources, enhancing government support, and fostering a culture of innovation, the pharmaceutical sector can develop sustainable solutions to benefit the entire population.