Recently published research from Business Monitor International, "Nigeria Pharmaceuticals & Healthcare Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/24/2013 -- Boosting bilateral co-operation between Nigerian buyers and Indian drugmakers will directly obstruct the Nigerian government's goal to increase self-sufficiency in medicines production. We do not believe implementing a selected import ban on pharmaceuticals should be considered by the government as a means of reducing import reliance. Evidently, it would lead to shortages in medicine supplies. However, in light of evidence that fixed capital investments may have been increasing over the last five years, we believe the government should encourage joint ventures and technology transfer obligations between local and Indian companies. This will make gradual headway towards improving self-sufficiency.
Headline Expenditure Projections
- Pharmaceuticals: NGN167.6bn (US$1.06bn) in 2012 to NGN193.1bn (US$1.22bn) in 2013; +15.2% in local currency terms and +15.8% in US dollar terms. Forecasts revised upwards due to modifications to historical figures.
- Healthcare: NGN2,313.9bn (US$14.6bn) in 2012 to NGN2,608.3bn (US$16.5bn) in 2013; +12.7% in local currency terms and +13.3% in US dollar terms. Forecasts revised upwards due to modifications to historical figures.
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Risk/Reward Rating: Out of the 30 countries BMI covers in its Middle East and Africa Risk/Reward Ratings matrix, which evaluates a country's pharmaceutical market attractiveness to multinational investment, Nigeria ranks 21st with an overall score of 37.8 out of 100. This score positions the country in the bottom tier of the 10 least attractive investment opportunities in the region. Nigeria is regarded as a lowreward, high-risk proposition for multinationals because of drug counterfeiting, corruption and poor pharmaceutical regulations in the market.
Key Trends And Developments
After a two-year development plan between the National Agency for Food and Drug Administration and Control (NAFDAC) and the World Health Organization (WHO), established in April 2011, to help domestic drugmakers raise the standard of locally produced medicines, the WHO is expected to give prequalification status to three local drug companies on a visit to the country in April 2013. The companies - Swipha, CHI Pharmaceuticals and Evans/May & Baker - are expected to receive certification for good manufacturing practice during the visit.
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