(PRWEB UK) 20 May 2014
Business Monitor has just released its latest findings on Nigeria’s Pharmaceuticals & Healthcare sector in its newly-published Nigeria Pharmaceuticals & Healthcare Report.
The Nigerian pharmaceutical industry continues to show strong growth reaffirming Business Monitor’s positive outlook for this quarter. An increase in urbanisation, per capita incomes and non-communicable diseases will drive the demand of medicines along with the government's goals to make healthcare more accessible and widespread throughout the country. However, the likelihood of further divestment in the oil and gas sector alongside political tensions within the ruling party in the lead-up to the 2015 election could have implications for future healthcare investments.
Key Trends And Developments
Nigeria-based Neimeth International Pharmaceuticals has begun construction of its new Pharma Complex in Anambra State, Nigeria, reports Business Day Online. The company's Anambra Pharma Complex will be built with an investment of around NGN5-6bn (US$30-36mn). The facility is likely to manufacture phytogenic medicine Ciklavit (Canajus cajun extract) and sterile injectable products to promote domestic medicine production and reduce the country's dependence on imported medicines.
Experts estimate that the contribution of Nigeria's health sector towards the national gross domestic product (GDP) is 5%. In comparison, the South African health sector's contribution to national GDP is estimated to be 8.5%. The healthcare industries of countries like South Africa are very well established, while Nigeria's domestic healthcare falls far short, according to Lagos State Ministry of Health's Permanent Secretary Femi Olugbile.
Nigeria-based Drugfield Pharmaceuticals has secured regulatory approval to manufacture antiseptic gel chlorhexidine digluconate 7.1% from Nigerian Minister of Health Onyebuchi Chukwu, reports all Africa. The move has made Drugfield the first Nigerian and African firm to engage in production of this infant health product. Chlorhexidine Digluconate 7.1% is a gel used to prevent umbilical cord infections in newborn babies. Around 30% of newborn deaths in Nigeria are caused by infections, presenting an obstacle to the country fulfilling the United Nations' Millennium Development Goals by 2015.
BMI Economic View: Nigeria's economy was the world's 24th largest economy in 2013 after the results of a recalculation of GDP were announced in early April 2014. Business Monitor believe that the economy will continue to expand by around 7.0% per year over the next few years as the contribution of the sluggish oil sector has been taken up by more dynamic industries such as manufacturing and services.
BMI Political View: Nigeria is facing several challenges in the lead-up to the 2015 election, any one of which, Business Monitor say, could pose a threat to broad political stability and economic development. However, they believe that the country will be able to navigate these issues and avoid disaster. Nonetheless, Business Monitor note that reform of the political system will be crucial if the country is to reduce its susceptibility to these kinds of risks.
To find out more about this report and Business Monitor’s forecasts for the Nigeria Pharmaceuticals & Healthcare sector please click here.
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