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Nigeria Pharmaceuticals and Healthcare Report Q1 2010Published by: Business Monitor International Published: Nov. 10, 2009 - 90 Pages Table of Contents
AbstractThe value of Nigeria’s pharmaceutical market in 2008 was NGN80.9bn (US$680mn). We forecast a12.8% year-on-year (y-o-y) growth in local currency during 2009, expecting that the market will grow bya compound annual growth rate (CAGR) of 10.19% over our five-year forecast period (2009-2014), toreach NGN148.2bn (US$1.2bn). At the same time, expenditure on medicines as a percentage of GDP willcontinue to hover around a minor 0.3%, illustrative of the emerging status of the market and thewidespread lack of access to and financing for necessary medicines. In fact, Nigeria is viewed as thethird-least promising market in the Middle East and Africa (MEA) region, as ranked by BMI’s Q110Pharmaceutical Business Environment Ratings (BER) that assess the 17 key countries.Moreover, Nigeria continues to battle trade in counterfeit medicines. In August 2009, Nigerian authoritiesproposed a new strategy for the reduction of counterfeiting in the country. In addition to placing emphasison only allowing accredited and qualified personnel to stock medicines, the agency has concluded thatremoval is not a viable option when there is no replacement for a particular medicine. Instead, providingpurpose-built centres are now the centre point for tackling the major sources of fake medicines, with theauthorities due to establish Zonal Drug Distribution Centres (ZDDCs) in each of the six geopoliticalzones of Nigeria, delineating wholesaler markets and installing a Superintendent Pharmacist within eachZDDC. In the meantime, the government’s national drug plan (NDP) for self-sufficiency, and the industry’sprogramme to meet 80% of local demand by 2015, seems to BMI to be an overly optimistic timeframe. As the schemes do not reflect the true state of the Nigerian manufacturing industry, we propose a morerealistic target of 2025, especially as the Nigerian construction industry output will dip in 2009 beforegradually rebounding to pre-2009 levels in 2011. In the meantime, exports continue to be disadvantagedby low pharmaceutical manufacturing output, quality and capacity levels, despite the presence of importtariffs on drugs that can be made locally. This gap in the supply chain is being targeted by Indian companies, which have been encouraged by theirgovernment to set up operations in Africa. This would allow generic medicines to be sold at lower pricesin the region and also protect the supply chain, which is notoriously compromised in the poorer countries. In the first phase of the project, pharmacies would be opened in Nigeria. India is specifically targetingNigeria in order to reassure local authorities over the quality of its medicines, following a recent seizureof a consignment of counterfeit medicines emblazoned with the ‘Made in India’ brand, despite beingmanufactured in China. Get Full Details About This Report >> |
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