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Nigeria Pharmaceuticals & Healthcare Report Q4 2006Published by: Business Monitor International Published: Jan. 1, 2007 - 57 Pages Table of Contents
AbstractNigeria’s pharmaceutical market continues to punch below its weight, with the country’s large and rapidly expanding population failing to act as a fulcrum to sector development. Yet, BMI remains cautiously optimistic about the market’s potential. Nigeria is the dominant economy in western Africa, with a strong entrepreneurial ethic, and the country could have a strong impact on the surrounding region, much in the same way that South Africa has had in its immediate vicinity. However, BMI expects growth to be sluggish over the next five years, with market value reaching only US$298mn in 2010, representing per capita expenditure of approximately US$2.The key challenge for Nigeria is the scourge of counterfeit drugs, which are endemic in the market, accounting for more than half of all drug sales. Unsafe medicines kill thousands of people each year, undermine the local manufacturing sector and deter multinationals. However, the National Agency for Food and Drug Administration and Control (NAFDAC) is fighting to stem the illicit trade, conducting 13,897 raids between 2001 and 2002 alone. Although this has had an impact, the trade continues unabated due to high demand for affordable treatments. Meanwhile, the country’s disease burden is also a reason for concern. Conservative estimates place the number of HIV/AIDS sufferers at more than 3mn, while only an estimated 13,000 are receiving antiretrovirals. Yet, the government hopes that the local drug-manufacturing sector will take an increasingly prominent role in the fight against infectious disease. This certainly seems to be happening with domestic player Emzor, an example of a company that is now active in producing both artemisinin combination therapies (ACTs) to treat malaria as well as ARVs to slow the progression of HIV/AIDS. BMI’s adjusted Business Environment Rankings for the Middle East and Africa region reveal that Nigeria is in 13th place, ahead only of Zimbabwe. This is primarily due to forecasts of low growth coupled with the lack of any working intellectual property (IP) regime. The country’s uncertain economic and political outlook also acts as a barrier to investment. Get Full Details About This Report >> |
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