New Healthcare market report from Business Monitor International: "Nigeria Pharmaceuticals & Healthcare Report Q2 2015"
Boston, MA -- (SBWIRE) -- 02/04/2015 -- Nigeria's pharmaceutical and healthcare markets are vastly underdeveloped by Western standards as poor infrastructure, a weak regulatory system and lack of specialised facilities weaken growth potential. However, the Nigerian government's continuing efforts to expand healthcare access through national health insurance by introducing mobile registration and a community-based healthcare programme will provide revenue-earning opportunities for drug-makers. We believe developments along with new efforts to reduce the volume of counterfeit medicines in circulation will help boost pharmaceutical expenditure in the country.
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Headline Expenditure Projections
- Pharmaceuticals: NGN228.92bn (USD1.39bn) in 2014 to NGN253.87bn (USD1.34bn) in 2015; +10.9% in local currency terms and -4.0% in US dollar terms.
- Healthcare: NGN3,113.88bn (USD18.93bn) in 2014 to NGN3,499.99bn (USD18.42bn) in 2015; +12.4% in local currency terms and -2.7% in US dollar terms.
Nigeria's Q2 15 Pharmaceutical Risk/Reward Index (RRI) score of 37.2, places it 21stin 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
Swiss Pharma Nigeria and May and Baker Nigeria have received the current Good Manufacturing Practice (cGMP) compliance certificate from the World Health Organization. The certification will allow the companies to enhance their production capacity and export their drugs to other countries. The development can be attributed to the Bank of Industry's (BOI) regular intervention funds to the sub-sector, which enable the companies to improve their facilities and quality control systems to international standards. About five other pharmaceutical companies supported by the BOI are also close to receiving WHO certification, according to BOI Managing Director...
The Nigeria Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Nigeria Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Nigeria pharmaceutical and healthcare industry.
- Benchmark BMI's pharmaceutical and healthcare market forecasts for Nigeria, to test other views - a key input for successful budgeting and strategic business planning in the Nigerian pharmaceutical and healthcare market.
- Target business opportunities and risks in the Nigerian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Nigeria.
- Assess the activities, strategy and market position of your competitors using our company profiles (including SWOTs, KPIs and latest activity) and competitive landscape tables.
BMI Industry View
An at-a-glance perspective on the latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The pharmaceuticals and healthcare SWOT outlines strategic factors that affect the basic assumptions underpinning BMI?s forecast analysis, and taken together with BMI?s political, economic and business environment SWOTs, it gives a complete overview of market climate.
BMI Industry Forecast Scenario
Industry forecasts to end-2019 for all key indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:
- Healthcare: Total healthcare expenditure (USDbn), healthcare expenditure (% of GDP), healthcare expenditure per capita (USD), hospital beds, doctors, and birth & mortality rates (all per ?000 population).
- Pharmaceutical Market: Drug expenditure in USDbn, % of GDP and per capita (USD).
- Patented Drug Market: Prescription drug sales (USDbn & % of total sales).
- Generic Drug Market: Generic product sales (USDbn), generic sales (% of total sales).
- OTC Drug Market: OTC sales (USDbn & % of total sales).
- Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against USD, government expenditure and external debt.
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