Market Report, "Nigeria Pharmaceuticals & Healthcare Report Q1 2016", published

We uphold our subdued outlook for Nigeria's pharmaceutical and healthcare market this quarter . Nigerian drugmaker performance will remain somewhat stagnant in the short term in line with weaker domestic demand as a result of the economic downturn and regional legislation incentivising imports. Over the long term, government intervention will result in an uptick in demand for domestically produced pharmaceuticals, creating competition for multinational generic drugmakers.

Headline Expenditure Projections

Pharmaceuticals: NGN170.28bn (USD1.03bn) in 2014 to NGN175.89bn (USD880mn) in 2015; +3.3% in local currency terms and -14.7% in US dollar terms. Forecast in line with last quarter.
Healthcare: NGN3,540.55bn (USD21.44bn) in 2014 to NGN3,966.02bn (USD19.83bn) in 2015; +12.0% in local currency terms and -7.5% in US dollar terms. Forecast in line with last quarter.

Risk/Reward Index

For Q116, Nigeria scores 26.0 out of 100 in our Pharmaceutical Risk/Reward Index (RRI), slightly lower than last quarter's score of 26.8 and ranks 28th out of the 31 markets in our Middle East and Africa matrix. Nigeria is regarded as low-reward, high-risk proposition for multinationals due to drug counterfeiting, corruption and poor pharmaceutical regulations governing the market.

Full Report Details at
- http://www.fastmr.com/prod/1123468_nigeria_pharmaceuticals.aspx?afid=301

Latest Updates

In October 2015, the National Agency for the Control of AIDS stated that around 747,000 HIV patients in Nigeria are currently receiving government-sponsored antiretroviral therapy, but the figure is still 50% below the number of those eligible.

In September 2015, the Nigerian government announced that it would include HIV in the National Health Insurance Scheme.

In September 2015, the Nigerian Ministry of Health announced a partnership with local drugmaker Neimeth International Pharmaceutical to produce anti-hypertensive medicines under an innovative programme dubbed Fight the Good Fight against Hypertension.

Also in September 2015, Swiss drugmaker Novartis' affiliate Sandoz introduced Candesartan Sandoz (candesartan cilexetil), a new drug targeted at managing heart failure and controlling blood pressure, in Nigeria.

In September 2015, Nigerian Medical Association revealed that Nigerians spend around NGN250bn (USD1.26bn) yearly for their healthcare needs in foreign hospitals citing a lack of modern equipment in tertiary health institutions as being a key reason to the alarming loss of revenue.

BMI Economic View

JP Morgan's decision to exclude Nigeria from its GBI-EM index is an indictment of the CBN's unorthodox policies and a major blow to Nigeria's market credibility. It will increase the pressure on the CBN to devalue and cause bond yields to revisit the February high of 17.3%.

BMI Political View

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156 (1.413.485.7001 Int'l)

You may also be interested in these related reports:

- France Pharmaceuticals & Healthcare Report Q1 2016
- Saudi Arabia Pharmaceuticals & Healthcare Report Q1 2016
- Ukraine Pharmaceuticals & Healthcare Report Q1 2016
- Thailand Pharmaceuticals & Healthcare Report Q1 2016
- Bangladesh Pharmaceuticals & Healthcare Report Q1 2016