Headline Expenditure Projections
- Pharmaceuticals: NGN203.66bn (USD1.28bn) in 2013 to NGN265.60bn (USD1.63bn) in 2014; +30.4% in local currency terms and +27.7% in US dollar terms.
- Healthcare: NGN2,800.63bn (USD17.59bn) in 2013 to NGN3,111.89bn (USD19.13bn) in 2014; +8.8% in local currency terms and +11.1% in US dollar terms.
In Q414, Nigeria maintains its Q314 Pharmaceutical Risk/Reward Rating (RRR) score of 38.3 out of 100, ranking 20 th
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 lack of coordination between Nigeria's lower and upper house led the coalition government to request that President Goodluck Jonathan sign the country's National Health Bill, reports allAfrica, citing Health Reform Foundation of Nigeria (HEFRON)'s Chairman Ben Ayene. If the bill is signed by Jonathan, it will clearly define the roles and functions of the three tiers of the government on health-associated matters. The bill is likely to help Nigeria attain universal...
The Nigeria Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'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 Nigerian pharmaceutical and healthcare industry.Key Benefits
CoverageBMI Industry View & Industry SWOT
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in the Nigerian pharmaceutical and healthcare market.
- Target business opportunities and risks in the Nigerian pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Nigeria.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.Market Summary
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.Regulatory Regime
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.Industry Developments
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Healthcare: Total healthcare expenditure (US$bn), healthcare expenditure (% of GDP), healthcare expenditure per capita (US$), hospital beds (per `000 population), doctors (per `000 population), birth and mortality rate (per `000 population)
Pharmaceutical market: Drug expenditure (US$bn), drug expenditure (% of GDP), drug expenditure per capita (US$)
Patented drug market: Prescription drug sales (US$bn), prescription sales (% of total sales), sales broken down by 14 therapeutic areas (cardiovascular, anti-infectives etc.)
Generic drug market: Generic product sales (US$bn), generic sales (% of total sales)
OTC drug market: OTC sales (US$bn), OTC sales (% of total sales), sales broken down by product types (analgesics, skin treatments, vitamins and minerals etc.)
Medical Devices: Medical device sales (US$bn), medical device sales (% of total healthcare market)
Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against US$, government expenditure, external debt.Competitive Landscape
The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
Nigeria's economy is largely dependent on its Oil and Gas sector. The likelihood of further divestments by international oil companies from the sector creates a downside risk to increasing government revenue, healthcare provision and medicines uptake over the long term. Currently, the government remains committed to improving healthcare infrastructure and quality across the country. We see Nigeria as a standout market in West Africa due to prevailing socio-economic factors within the country. We believe there is a considerable commercial opportunity unravelling given the scale of private spending on healthcare and the large, unaddressed disease burden present. However, affordability and pertinent risks will continue to prevent these opportunities from being fully realised.