Lagos, Nigeria

FCCPC investigates pharmacies over price gouging

fCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) in response to multiple social media posts about what appeared to be excessive pricing of potentially vital medication that is perceived as efficacious therapy in addressing COVID-19 conducted enforcement/ investigative activities.
The statement signed by the Chief Executive Officer of FCCPC, notes that there have been posts representing Hydroxychloroquine to cost between N50,000.00 and N75,000.00 and one of the posts showed the medicine and a price tag of N50,000.00 of Ebus Pharmacy in Port-Harcourt.
It states that the Commission has also become aware of price display of N75,000.00 by HealthPlus Limited and has 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.
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. while Ebus admits the veracity of the posts showing its price at N50,000.00. and there is evidence that New Health Pharmacy has sold Hydroxychloroquine between N50,000.00 and N65,000.00.
In addition, in some of the targets of the investigation, the Commission 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%.
Mr Irukela notes that though investigation is at early stages and the Commission has not made any final findings.
He however reminded that 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.”” Irukera said
PR

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