Nigeria's Pharmaceutical Market, A Gigantic Ground Of Opportunities
The Times Of Africa|April 2017

Health is a crucially important social and economic asset, a cornerstone for human development.

Nigeria's Pharmaceutical Market, A Gigantic Ground Of Opportunities

Being healthy is a foundation for economic development and essential to a good quality of life. Article 25 of the Universal Declaration of Human Rights states that “everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care.” Fulfilling the right to health is not only about ensuring the absence of illness, infirmity and disability, but it also means enabling social wellbeing. Pharmaceutical products play an important role in healthcare. In addition to well-trained and motivated health professionals, medicines are among the most effective ways to prevent, alleviate and cure disease.

The majority of illnesses affecting people living in poverty can be treated using the medicines listed on the World Health Organization (WHO) Essential Medicines List. The main responsibility for ensuring public health lies with local governments and national institutions. Governments have the duty to respect, protect and fulfill the right to health progressively, within their means. They should do their best to ensure availability, accessibility, acceptability and quality of health services including reforming current healthcare systems to positively impact the health of the poor.

Rewarding destination

The pharmaceutical market is forecasted to grow more than double to US$1.3 trillion by 2020. The growth markets include, in descending order of size, China, Brazil, Russia, India, Mexico, Turkey, Poland, Venezuela, Argentina, Indonesia, South Africa, Thailand, Romania, Egypt, Ukraine, Pakistan and Vietnam, United States, Canada.

Is this time for investors to invest in African pharmaceutical industry? The answer is ‘Yes’. Africa’s investment potential is about more than just resources, as it evolves and climbs the consumption, urbanization and industrialization curves that the BRICs have climbed.

This story is from the April 2017 edition of The Times Of Africa.

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This story is from the April 2017 edition of The Times Of Africa.

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