Recently published research from Business Monitor International, "Nigeria Pharmaceuticals & Healthcare Report Q2 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/19/2014 -- Nigeria's pharmaceutical market remains attractive this quarter due to the country's positive macroeconomic growth outlook, increasing investment from the private healthcare sector and the government's desire to improve healthcare access. Rising demand for medicines will see drugmakers increase their presence and continue to expand. However, ructions within the ruling party, poor drug patent protection and the likelihood of further divestment in the oil and gas sector could have a negative impact on our projections.
Headline Expenditure Projections
- Pharmaceuticals: NGN203.66bn (US$1.28bn) in 2013 to NGN235.40bn (US$1.45bn) in 2014; +15.6% in local currency terms and +13.2% in US dollar terms.
- Healthcare: NGN2,590.9bn (US$16.28bn) in 2013 to NGN2,954.2bn (US$18.18bn) in 2014; +14.0% in local currency terms and +11.7% in US dollar terms.
View Full Report Details and Table of Contents
In Q214, Nigeria maintains its Q114 Pharmaceutical Risk/Reward Rating (RRR) score of 38.3 out of 100, although it dropped one place from 18th position to 19th position in the Middle East and Africa matrix. Nigeria is regarded as a low-reward, high-risk proposition for multinationals due to drug counterfeiting, corruption and poor pharmaceutical regulations governing the market.
Key Trends And Developments
The Pharmaceutical Export Promotion Council of India (Pharmexcil) will build a warehouse facility for Indian pharmaceutical exporters in Lagos, Nigeria. The move follows India's Ministry of Commerce's initiative in 2013 to enable small- and medium-sized drugmakers to save logistic costs and enhance security, power back-up facilities, and internal logistics in Nigeria. Following the success of this facility, Pharmexcil plans to establish similar warehouses in other African and Latin American countries.
Nigeria's National Agency for Food and Drug Administration and Control (NAFDAC) and the Pharmacy Board of Sierra Leone have signed a Memorandum of Understanding (MoU) to control the circulation and cross-border trafficking of counterfeit medicines in West Africa. The MoU aims to promote bilateral trade relations between Nigeria and Sierra Leone, particularly for pharmaceutical and related products. Nigeriabased medicine manufacturers are allowed to enter Sierra Leone's pharmaceutical market to sell their products, while their counterparts in Sierra Leone are permitted to do the same in Nigeria, according to NAFDAC Director General Paul Orhii.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Healthcare research reports at Fast Market Research
You may also be interested in these related reports:
- Croatia Pharmaceuticals & Healthcare Report Q2 2014
- Australia Pharmaceuticals & Healthcare Report Q2 2014
- Mexico Pharmaceuticals & Healthcare Report Q2 2014
- Kenya Pharmaceuticals & Healthcare Report Q2 2014
- Algeria Pharmaceuticals & Healthcare Report Q2 2014
- South Korea Pharmaceuticals & Healthcare Report Q2 2014
- Malaysia Pharmaceuticals & Healthcare Report Q1 2014
- Furiex Pharmaceuticals, Inc. (FURX) - Pharmaceuticals & Healthcare - Deals and Alliances Profile
- Bayer Healthcare Pharmaceuticals - SWOT, Strategy and Corporate Finance Report
- Bayer HealthCare Pharmaceuticals Inc. - Pharmaceuticals & Healthcare - Deals and Alliances Profile
Copyright © 2005-2014 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-593-5640 (International)