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Nigeria Pharmaceuticals and Healthcare Report Q2 2008Published by: Business Monitor International Published: Apr. 4, 2008 - 66 Pages Table of Contents
AbstractNigeria’s drug market remains subdued due to due to readily available counterfeit drugs, poor healthcareinfrastructure and the limited spending power of citizens.The market was estimated to be worth US$278mnin 2007 and it should grow at around 5% year-on-year (y-o-y), reaching US$369mn by 2012.Despite government efforts to promote domestic manufacturing, Nigeria remains heavily reliant onimported pharmaceuticals. The National Drug Policy sets a target for 70% of the country’s demand fordrugs to be met by local industry. However, in 2007 BMI estimates that imports supplied 54% of themarket. On the whole, domestic players do not appear ready to manufacture high tech, so we expectimports to remain dominant. Indeed, domestic drugmakers seem to be increasingly looking to diversify into consumer health products,most likely in response to the difficult operating environment in their core market. In January 2008, bothFidson Healthcare and Neimeth Pharmaceuticals announced they were to launch consumer health lines.Neimeth revealed it would do this through two newly created subsidiaries - one concentrating on food andnutraceuticals, the other on herbal remedies. Healthcare, and in particular how to expand access, continues to be a hot topic throughout Africa, with avariety of solutions being pursued by national governments - Nigeria’s solution being the National HealthInsurance Scheme (NHIS). There are encouraging signs for private sector involvement in Africanhealthcare after the World Bank’s International Finance Corporation (IFC) unveiled a US$1bn supportpackage for the development of private healthcare on the continent. With the NHIS struggling in terms ofparticipant numbers, BMI believes that increasingly popular health savings accounts (HSAs) could providea solution for citizens unable to benefit from the NHIS - particularly those employed in Nigeria’s largeinformal sector. In BMI’s updated Business Environment Rankings, Nigeria remains in 13th place out of 14 Middle Eastand Africa (MEA) countries surveyed. Nigeria’s score continues to be held down by a combination of lowconsumer spending power and a weak regulatory environment. Both of these factors should remain in playover the forecast period, making it unlikely that Nigeria will overtake Egypt, which is one place ahead.Having said this, Nigeria’s score in the country structure category is more promising, suggesting that thereis potential market growth if the previously mentioned weaknesses can be remedied. Get Full Details About This Report >> |
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