Pharmacies in Lagos are to face probing by the Federal Competition and Consumer Protection Commission (FCCPC), over increasing prices of the rumoured coronavirus treatment drug, Hydroxycloroquine.
The council described the drug’s price hike as excessive and unconscionable.
According to the Commission, there have been some pharmacies touting the drug to cost between N33,000.00 and N75,000.
“Between 10.00A.M. and 6.00P.M. today, the Commission conducted simultaneous on-site investigations on multiple locations of Health Plus Limited in Lagos and Abuja, among others.
“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.”
The Commission also said it discovered what appeared to be inconsistent pricing of other products that are publicly perceived as useful in managing COVID-19.
The FCCPC’s Chief Executive Officer, Mr. Babatunde Irukera noted that the commission just began its investigation and is yet to make 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,” he said.
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