Boston, MA -- (ReleaseWire) -- 02/19/2014 -- Nigeria's pharmaceutical market remains attractive this quarter due to the country's positive macroeconomic growth outlook, increasing investment from the private healthcare sector and the government's desire to improve healthcare access. Rising demand for medicines will see drugmakers increase their presence and continue to expand. However, ructions within the ruling party, poor drug patent protection and the likelihood of further divestment in the oil and gas sector could have a negative impact on our projections.
Headline Expenditure Projections
- Pharmaceuticals: NGN203.66bn (US$1.28bn) in 2013 to NGN235.40bn (US$1.45bn) in 2014; +15.6% in local currency terms and +13.2% in US dollar terms.
- Healthcare: NGN2,590.9bn (US$16.28bn) in 2013 to NGN2,954.2bn (US$18.18bn) in 2014; +14.0% in local currency terms and +11.7% in US dollar terms.
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In Q214, Nigeria maintains its Q114 Pharmaceutical Risk/Reward Rating (RRR) score of 38.3 out of 100, although it dropped one place from 18th position to 19th position 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
The Pharmaceutical Export Promotion Council of India (Pharmexcil) will build a warehouse facility for Indian pharmaceutical exporters in Lagos, Nigeria. The move follows India's Ministry of Commerce's initiative in 2013 to enable small- and medium-sized drugmakers to save logistic costs and enhance security, power back-up facilities, and internal logistics in Nigeria. Following the success of this facility, Pharmexcil plans to establish similar warehouses in other African and Latin American countries.
Nigeria's National Agency for Food and Drug Administration and Control (NAFDAC) and the Pharmacy Board of Sierra Leone have signed a Memorandum of Understanding (MoU) to control the circulation and cross-border trafficking of counterfeit medicines in West Africa. The MoU aims to promote bilateral trade relations between Nigeria and Sierra Leone, particularly for pharmaceutical and related products. Nigeriabased medicine manufacturers are allowed to enter Sierra Leone's pharmaceutical market to sell their products, while their counterparts in Sierra Leone are permitted to do the same in Nigeria, according to NAFDAC Director General Paul Orhii.
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