Fast Market Research recommends "Nigeria Pharmaceuticals & Healthcare Report Q1 2015" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/02/2014 -- The Nigerian government remains committed to improving healthcare quality and infrastructure across the country. The formation of the National Health Insurance Scheme (NHIS) has seen a growing number of citizens enrolled since its formation in 2005, albeit lower than previously anticipated. We believe Nigeria's pharmaceutical market has the capacity for considerable future growth in the long term due to its increasing population and high burden of disease. Despite this, scant healthcare funding, weak patent protection and low per capita spending will continue to impede the market's potential.
Headline Expenditure Projections
- Pharmaceuticals: NGN203.66bn (USD1.28bn) in 2013 to NGN234.71bn (USD1.44bn) in 2014; +15.2% in local currency terms and +12.8% in US dollar terms. Forecast revised down from last quarter to better suit current market conditions.
- Healthcare: NGN2,792.53bn (USD17.54bn) in 2013 to NGN3,091.82bn (USD19.01bn) in 2014; +10.7% in local currency terms and +8.4% in US dollar terms.
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Nigeria's Q115 Pharmaceutical Risk/Reward Index (RRI) score of 37.1, places it 21 st 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
Patients in Nigeria are being forced to seek medical treatment abroad due to the poor condition of the healthcare system in the country, reports allAfrica. Most of the country's private hospitals, which provide 60% of health services, lack necessary modern equipment. Nigerians seek medical treatment overseas based on the belief that hospitals in other countries have better medical equipment for diagnosis and treatment. Around 18,000 Nigerians are reported to have spent NGN14.6bn (USD88.9mn) on medical treatment in India in 2013.
Over 7.2mn citizens have enrolled and benefited from the...
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