FCCPC investigates pharmacies, supermarkets on overpricing, exploitation

*Pharmacies indefensibly sell Hydroxychloroquine to consumers between N50,000 and N75,000, says Babatunde Irukera, FCCPC Chief

*Commission currently prosecuting some pharmacies, supermarkets for unreasonable, unjust and irrational prices or margins

Isola Moses | ConsumerConnect

In furtherance of its continued oversight, Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has responded to multiple social media posts about suspected excessive and unacceptable pricing of potentially vital medication perceived or presented as efficacious therapy for treatment of COVID-19 pandemic by conducting enforcement activities.

Mr. Babatunde Irukera, Chief Executive Officer (CEO) of FCCPC, in a recent statement made available to ConsumerConnect said specifically, there have been a rash of posts representing Hydroxychloroquine to costing consumers between N50,000 and N75,000.

Irukera stated that in one of the posts showed the medicine and a price tag of N50,000 of Ebus Pharmacy in Port-Harcourt, Rivers State capital.

The Commission has also become aware of price display of N75,000.00 by HealthPlus Limited, he said.

The Chief Executive Officer of FCCPC noted that between 10.00a.m. and 6.00p.m. Tuesday, August 4, 2020, the Commission 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, the nation’s Federal Capital Territory (FCT).

Irukera said: “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.

“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.

According to him, in some of the targets of this investigation, the consumer protection regulatory 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%.”

He, nevertheless, noted that the investigation is at early stages, and the Commission has not made any final findings.

He also stressed that unreasonable, unjust and irrational prices or margins are a criminal offence under the Federal Competition and Consumer Protection Act (FCCPA), 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,” said he.

The Commission, therefore, reiterates its previous advisories and admonitions while reinstating its commitment, desire and will to enforce the law of the land.