New Healthcare market report from Business Monitor International: "Nigeria Pharmaceuticals & Healthcare Report Q3 2014"
Boston, MA -- (SBWIRE) -- 05/30/2014 -- The Nigerian pharmaceutical industry continues to show strong growth reaffirming our positive outlook for this quarter. An increase in urbanisation, per capita incomes and non-communicable diseases will drive the demand of medicines along with the government's goals to make healthcare more accessible and widespread throughout the country. However, the likelihood of further divestment in the oil and gas sector alongside political tensions within the ruling party in the lead-up to the 2015 election could have implications for future healthcare investments.
Headline Expenditure Projections
- Pharmaceuticals: NGN203.66bn (US$1.28bn) in 2013 to NGN236.26bn (US$1.45bn) in 2014; +16.0% in local currency terms and +13.7% in US dollar terms.
- Healthcare: NGN2,595.79bn (US$16.30bn) in 2013 to NGN2,968.58bn (US$18.27bn) in 2014; +14.4% in local currency terms and +12.1% in US dollar terms.
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In Q314, Nigeria maintains its Q214 Pharmaceutical Risk/Reward Rating (RRR) score of 38.3 out of 100, ranking 19th 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
Nigeria-based Neimeth International Pharmaceuticals has begun construction of its new Pharma Complex in Anambra State, Nigeria, reports Business Day Online. The company's Anambra Pharma Complex will be built with an investment of around NGN5-6bn (US$30-36mn). The facility is likely to manufacture phytogenic medicine Ciklavit (Canajus cajun extract) and sterile injectable products to promote domestic medicine production and reduce the country's dependence on imported medicines. Experts estimate that the contribution of Nigeria's health sector towards the national gross domestic product (GDP) is 5%. In comparison, the South African health sector's contribution to national GDP is estimated to be 8.5%. The healthcare industries of countries like South Africa are very well established, while Nigeria's domestic healthcare falls far short, according to Lagos State Ministry of Health's Permanent Secretary Femi Olugbile.
Nigeria-based Drugfield Pharmaceuticals has secured regulatory approval to manufacture antiseptic gel chlorhexidine digluconate 7.1% from Nigerian Minister of Health Onyebuchi Chukwu, reports allAfrica. The move has made Drugfield the first Nigerian and African firm to engage in production of this infant health product. Chlorhexidine Digluconate 7.1% is a gel used to prevent umbilical cord infections in newborn babies. Around 30% of newborn deaths in Nigeria are caused by infections, presenting an obstacle to the country fulfilling the United Nations' Millennium Development Goals by 2015.
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