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Share Experts have alleged that Nigeria loses an estimated sum of N200 billion annually to counterfeit medicines, a sum that excludes what it loses to substandard drugs, adding that the proliferation of fake and counterfeit medicine has detrimental effects on the economy and on society. This was part of the submissions by a panel of experts at a media parley on intellectual property (IP) infringement in the pharmaceutical sector organised by the American Business Council and some partners. According to the panel, a market survey by Pfizer revealed that 40 per cent of Pfizer medicines in Nigeria are sourced from illicit parallel importation (a form of counterfeiting) while a 2011 World Health Organisation study found that about 64 per cent of anti-malarial drugs in Nigeria were fake, adding that the counterfeit and substandard drug distribution network is so expansive that over 50 per cent of drugs, food and drinks sold in open markets are counterfeit.

United statesMichael ubakaIsioma idigbeChukwuma muanyaEconomic development in emerging marketNational agency for foodInternational chambers of commerceDrug administrationNational policy frameworkWorld health organisationAmerican business councilHealth organisationAssistant editorGuardian newspapersNational agencyIntellectual property infringement