Nigeria Pharmaceuticals & Healthcare Report Q3 2015 - New Study Released

From: Fast Market Research, Inc.
Published: Mon May 04 2015

Nigeria's community-based approach to its health insurance scheme will increase the programme's penetration. We believe that this decentralisation of health services will achieve increasing coverage among the population, driving demand for pharmaceuticals and healthcare services. Successful i mplementation of the National Health Act by new president Muhammadu Buhari will be key to the development of the sector and bolster its attractiveness to multinational drugmakers. However, the devaluation of the Nigerian naira will continue to dampen the market over the coming years.

Headline Expenditure Projections

* Pharmaceuticals: NGN185.88bn (USD1.13bn) in 2014 to NGN211.83bn (USD990mn) in 2015; +14.0% in local currency terms and -12.5% in US dollar terms. Forecast revised downward s from last quarter.
* Healthcare: NGN3,551.82bn (USD21.50bn) in 2014 to NGN3,978.58bn (USD18.51bn) in 2015; +12.0% in local currency terms and -13.9% in US dollar terms. Forecast revised upwards from last quarter due to the release of WHO historical data.

Full Report Details at

Risk/Reward Index

For Q315, Nigeria scores 30.0 out of 100 in our Pharmaceutical Risk/Reward Index (RRI), significantly lower than the previous quarter's score of 37.2 due to the impact of currency devaluation. The country has fallen from the previous quarter's ranking of 21 st position to 27th position in the Middle East and Africa matrix. Nigeria is regarded as an average-reward, high-risk proposition for multinationals due to drug counterfeiting, corruption and poor pharmaceutical regulations governing the market.

Key Trends And Developments

March 2015

The declining value of the Nigerian naira is having a direct impact on the domestic pharmaceutical sector, as the country imports a large number of raw materials, reports the Nigerian Observer. The devaluation of the naira has lowered drug sales and hiked prices across the country, with a negative impact on the healthcare system. The price hike of around 25% on...

The Nigeria Pharmaceuticals & Healthcare Report features BMI Research's forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.

BMI's Nigeria Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Nigeria pharmaceutical and healthcare industry.

Key Benefits

* Benchmark BMI's pharmaceutical and healthcare market forecasts for Nigeria, to test other views - a key input for successful budgeting and strategic business planning in the Nigerian pharmaceutical and healthcare market.

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