Boston, MA -- (SBWIRE) -- 08/27/2013 -- Ensuring large low-income populations of developing countries have access to primary healthcare services is dependent on two key factors: financial and geographical positioning. The latest Community Based Health Insurance Scheme in Nigeria, which is based on a US$1 individual contribution to receive healthcare coverage, is easily affordable by most Nigerians. However, despite solving the financial access problem to healthcare services, up take will still be hindered by poor geographical access. Developing hospital infrastructure and improving poor primary healthcare services in remote and rural areas is a relatively long process.

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Headline Expenditure Projections

- Pharmaceuticals: NGN171.2bn (US$1.08bn) in 2012 to NGN201.3bn (US$1.26bn) in 2013; +17.6% in local currency terms and +16.9% in US dollar terms. Forecasts revised slightly upwards due to modifications to historical figures.
- Healthcare: NGN2,339.2bn (US$14.7bn) in 2012 to NGN2,693.7bn (US$16.9bn) in 2013; +15.2% in local currency terms and +14.6% in US dollar terms. Forecasts revised slightly upwards due to modifications to historical figures.

Risk/Reward Rating:

In Q413, Nigeria maintained its Q313 Pharmaceutical Risk/Reward Rating (RRR) score of 38 out of 100, making it the 21st most attractive pharmaceutical market in the Middle East and Africa. 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

June 2013

LAUTECH Pharmaceutical Company, registered by the Ladoke Akintola University of Technology (LAUTECH) Teaching Hospital, was approved by the Pharmacists' Council of Nigeria (PCN) to start producing medicines on a commercial scale. PCN has granted LAUTECH Pharmaceutical Company the authority to produce oral liquid preparations.

Nigeria spends over NGN1.5bn (US$9.4mn) annually on importing active pharmaceutical ingredients (APIs) from India, the US and Germany, among other markets, equating to over 85% of its API needs, according to Business Day. Nigeria cannot manufacture APIs because its underdeveloped local chemical industry does not have the capacity to do so, and there is little government commitment to encourage investment in the sector.

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