Nigeria population is about 180 million with stable social-political environment. The country is investment friendly with a GDP of about 500 Billion USD as at 2014. The total healthcare expenditure is about 3.7% of the GDP which is about 18 Billion USD. The size of Pharmaceutical market is about 1.6 Billion USD as at 2014. OTC segment of the market account for about 46% percent while generic segment account for 36% and patented medicine account for 18%. Patented medicine account for 47% of Prescription Only Medicine (POM) while branded generic account for 53% of Prescription Only Medicine (POM).
The market is still largely driven by cash out of pocket transaction. However, with the advent of National Health Insurance Scheme (NHIS) and Health Maintenance Organisation (HMO), reimbursement is gradually becoming stronger in the market.
The value of Africa's pharamaceutical market jumped to $20.8 billion in 2013 from just $4.7 billion a decade earlier. If that growth at a rapid pace, it predicted that Africa pharmaceutical market will be worth $40 billion by 2020. This shows huge investment potential for multi-nationals pharmaceutical and healthcare companies who want to invest in Africa.
With the market potential in Nigeria and rest of Africa market, GPAP is here to provide detail market information and services needed for you to access and succeed in the market. Together we can explore the opportunities in the market.
For detail information you may need to plan your entering into Nigeria and rest of Africa market, please do mail us at firstname.lastname@example.org.
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