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Nigeria: Political Stability and Government Initiatives to See Pharma Industry Blossom
In the new report*, GlobalData predicts Nigeria’s pharmaceutical sector to more than double in value before the end of the decade, growing from $850m last year to $2.1 billion in 2020, demonstrating a Compound Annual Growth Rate (CAGR) of 10%.
The Nigerian government, through the National Economic Empowerment and Development Strategy (NEEDS) and Millennium Development Goals (MDGs) programs has undertaken initiatives to encourage private investments and develop the pharmaceutical and medical device industry. Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC), for example, has proposed the Pharmaceutical Intervention Fund (PIF), with a value of $1.3 billion.
In addition, the Nigerian Ministry of Health (MoH) has framed a number of policies and programs with the support of global funding for the prevention and early detection of various disease conditions, as the country focuses on reducing the national disease burden.
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However, the nation’s healthcare system is still in an under-developed state and inefficient facilities and a lack of universal healthcare coverage mean that many Nigerians rely on the private healthcare sector, which involves high out-of-pocket expenditure. According to the World Bank, the government’s share of national healthcare expenditure was 38% in 2010, while private expenditure reached 62%.
In the future, the Nigerian government plans to expand its National Health Insurance System to cover the entire population. This system will change the healthcare infrastructure, provide universal coverage to the population and reduce the overall out of- pocket payment.
An essential source of information and analysis on the Nigerian healthcare, regulatory and reimbursement landscape, this report identifies the key trends in the healthcare market, as well as providing insights on the demographic landscape and healthcare infrastructure.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
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