Newly released market study: Nigeria Pharmaceuticals & Healthcare Report Q3 2016

Nigeria's pharmaceutical market will continue to be viewed as a high-risk proposition for multinational pharmaceutical companies. Rampant corruption, coupled with widespread drug counterfeiting and poor pharmaceutical regulations governing the market will not bode well for investor sentiment. This is having a detrimental impact on the population's access to healthcare, with reforms to the National Health Insurance Scheme looking uncertain. Despite the difficulties faced, the National Drug Law Enforcement Agency ' s efforts to improve drug standards and regulations will have a positive - albeit limited - impact on the market.

Headline Expenditure Projections

Pharmaceuticals: NGN175.89bn (USD890mn) in 2015 to NGN185.61bn (USD860mn) in 2016; +5.5% in local currency terms and -2.8% in US dollar terms. Forecast revised downwards from last quarter.
Healthcare: NGN3.63trn (USD18.34bn) in 2015 to NGN3.97trn (USD18.52bn) in 2016; +9.5% in local currency terms and +0.9% in US dollar terms. Forecast revised downwards from last quarter.

Full Report Details at
- http://www.fastmr.com/prod/1188116_nigeria_pharmaceuticals.aspx?afid=301

Risk/Reward Index

While geographic diversification and investment into the pharmaceutical and healthcare sector of emerging economies such as Nigeria may be a favourable strategy for any multinational pharmaceutical company, it is vital to recognise both the rewards and the risks present in the market. For Q316, Nigeria scores 28.4 out of 100 in our Pharmaceutical Risk/Reward Index, improving on last quarter's score of 26.0. The country ranks 27th out of the 31 markets in our Middle East and Africa matrix, below Uganda (29.1) and above Mozambique (27.4). Nigeria is regarded as a low-reward, high-risk proposition for multinationals, a reflection of low spending per capita (scores 1.2 out of 12), drug counterfeiting, corruption and poor pharmaceutical regulations governing the market.

Latest Updates

In May 2016, Nigeria's National Agency for Food and Drug Administration and Control (NAFDAC) approved Immune Therapeutics' patented Lodonal (naltrexone) as an OTC, non-toxic adjunct therapy in the treatment of HIV/AIDS and immune system regulator.

In May 2016, the African Vaccination Week (AVW) ended in Nigeria with the WHO calling on governments to close the immunisation gap and improve surveillance activities in conflict affected areas of the northeast and at international borders.

The National Drug Law Enforcement Agency in May 2016, expressed concerns that many Nigerian drug manufacturers, distributers and marketers are not following correct practices and that the Agency will be collaborating with the Standards Organisation of Nigeria in an effort to improve standards across the country.

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:

- Brazil Pharmaceuticals & Healthcare Report Q3 2016
- Czech Republic Pharmaceuticals & Healthcare Report Q3 2016
- Bahrain Pharmaceuticals & Healthcare Report Q3 2016
- China Pharmaceuticals & Healthcare Report Q3 2016
- Egypt Pharmaceuticals & Healthcare Report Q3 2016