The Federal Competition and Consumer Protection Commission (FCCPC) had warned against arbitrary hike in the price of Hydroxychloroquine medicine perceived to be efficacious therapy in addressing the Covid 19 pandemic.
The FCCPC made the observation during its oversight visit to some pharmaceutical outfits across the country, following multiple social media posts about excessive and unconscionable pricing of the medication.
The FCCPC in a statement late Tuesday explained that there have been a rash of posts representing Hydroxychloroquine to costing between N50,000.00 and N75,000.00.
According to the commission, one of the posts showed the medicine and a price tag of N50,000.00 of Ebus Pharmacy in Port-Harcourt,even as it explained that it has also become aware of price display of N75,000.00 by HealthPlus Limited.
The commission said,”Between 10.00A.M. and 6.00P.M. on Tuesday, we conducted simultaneous on-site investigations on Ebus and Avis Pharmacy, both in Port-Harcourt; multiple locations of Health Plus Limited in Lagos and Abuja, Tonia Pharmacy, H-Medix and New Health Pharmacies, all in Abuja.”
FCCPC further explained that 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.
It also noted that Ebus admits the veracity of the posts showing its price at N50,000.00. There is evidence that New Health Pharmacy has sold Hydroxychloroquine between N50,000.00 and N65,000.00.
The commission noted that in some of the targets of its investigation, it discovered what appeared to be inconsistent pricing of other products that are considered relevant to managing Covid-19 with most being sold at margins between 66% and 89%.
It states further that it is unconscionable, exploitative and predatory to take opportunistic advantage of citizens on account of a pandemic and consumer apprehension.
