Importers of Pharmaceuticals in Nigeria: Booming Businessnaved
Nigeria is one of the most promising and rapidly growing pharmaceutical markets in West Africa with more than 150 pharma formulation manufacturing facilities. The Nigerian pharma industry is growing at 13 % annually. The estimated market size is $1.8billion. In the ECOWAS (Economic Community of West African
States) West Africa sub-region approximately 60% of drug manufacturing takes place in Nigeria, underlining the huge sub regional market.
As Africa’s largest economy, most highly populated country, and biggest consumer market, Nigeria has been hailed as the next frontier for pharma after South Africa and the hotspots of Northern Africa.
As more people join the ranks of the middle classes, household consumption is expected to grow by $94 billion over the next ten years. As out-of-pocket spending accounts for the bulk of healthcare expenditure, growth in consumption should translate into higher healthcare spending.
The Federal Government of Nigeria are incentivising Nigerian drug manufacturers with tax holidays to support extra investment for quality upgrades and new factories.
Nigeria’s pharmaceutical manufacturing sector has remained focused on the growth and expansion of drug manufacturing within the country. The sector has invested $300 billion in machinery and quality upgrades as a way to end drug importation.
The Economic Community of West African States (ECOWAS), such as Ghana, Ivory Coast and Cameroon has 300 million consumers, with combined GDP of $734.8bn and annual growth rate of 6.3%.
Nigeria and Ghana provide strong business opportunities for big pharmaceutical and generic pharmaceutical companies because the tropical climate in which Nigeria and Ghana are situated makes the areas a hotbed for infectious diseases, particularly malaria, tuberculosis and AIDS among numerous others. With a combined revenue base estimated to reach $3.12 billion in 2018 from $1.63 billion in 2003 at a compound growth rate of 13.39 per cent, the pharmaceutical industry in Nigeria and Ghana is very promising for investors.
Counterfeits and Parallel Imports Plague Nigeria’s Pharma Industry
In Nigeria’s predominantly informal distribution and retail networks, counterfeit and parallel medicines are often difficult to distinguish from the genuine article. Estimates suggest that informal retail accounts for more than three-quarters of the value of the pharma market, and parallel imports for up to half of drugs sold in some TAs.Several generics companies that have no commercial activities registered in Nigeria still have statin variants that are widely distributed and sold there, for instance.
With a population of 180 million currently, the largest in Africa and abundance of human and natural resources, investment in the Nigerian pharmaceutical industry has a high potential of succeeding faster than any other country in the region. Besides, the estimated population increase to 200 million by 2020 according to recent forecasts means that the disease burden of the country will increase and consequently escalate demand for pharmaceutical products.
Africa Pharmaceutical Directory: Reach Importers of Pharmaceutical in Africa
The research team at Africa Business Pages has compiled a valuable database of pharmaceutical companies in Africa through painstaking work across more than 20 African countries. The result is the compilation of the first even Africa Pharmaceutical Directory which lists more than 6,500 pharmaceutical companies in Africa. This database of pharmaceutical-related companies in Africa lists wholesalers of pharmaceuticals in Africa, pharmacies in Africa, pharmaceutical retailers in Africa, hospital suppliers in Africa, Pharmaceuticals Distributors, Clinics & Hospitals, Government Medical Clinics, Medical Institutes as well Manufacturers of Pharmaceuticals in Africa.
The Africa Pharmaceutical Directory is available for download here.
Companies and exporters of pharmaceuticals from across the world have been using this database of pharmaceutical companies in Africa to reach potential buyers in Africa of pharmaceuticals and connect with importers of pharmaceuticals in Africa.
This Directory contains the latest and complete information about your potential business partners in several cities across Africa.
- Listings of Top Companies Dealing in Pharmaceuticals
- In MS Excel format
- Classified under different Trade Categories
- Up-to-date database of tyre dealers in Africa
The database is well organised in an Excel sheet and the sortable fields include: Company Name, Address, Phone, Fax, Email, Website, Business Category.