Nigerian Pharma Market to Hit $1.3 Trillion by 2020, Expert Predicts

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Following the steady growth of the Nigerian pharmaceutical industry in the last decade, an expert has posited that the blossoming drugs market is anticipated to double its current worth in two years.

Speaking at the just concluded 4th Nigerian Pharma Manufacturers’ Expo, held at Open Haven, Ikeja GRA, Lagos, from 30 August to 1 September, Paresh Jhurmarvala, chief executive officer of GPE Expo PVT Limited noted that the country’s record of 130 registered drug manufacturers stands her out as the largest in both Central and West African pharma markets.

“Your pharmaceutical imports in 2013 reached a value of $481 million. These are expected to further gain 10.4 per cent to reach $789 million by next year (2018),” Jhurmarvala said.

He added: “I must confess that the strength, consistent growth, investments in pharma manufacturing facilities and, more importantly, the synchronisation among regulatory bodies like NAFDAC, ministry of health, PMG-MAN and pharmacy fraternity made this possible to position Nigeria on the world trade map.”

L-R: Paresh Jhurmarvala, chief executive officer of GPE Expo PVT Limited; Piyush Srivastava, Additional Development Commissioner, Government of India; and Pharm. Ahmed Yakasai, president, Pharmaceutical Society of Nigeria (PSN) at 4th Nigerian Pharma Manufacturers’ Expo, held at Open Haven, Ikeja, GRA, Lagos, recently.

 

While lauding the collective effort of stakeholders in the sector, Jhurmarvala disclosed that it did not only help the industry to grow but equally played a major role to ensure a qualitative therapeutic solution though made-in-Nigeria healthcare products.

The Indian also applauded the 2017 Nigerian Pharma Manufacturers’ Expo saying that the annual event has become a trusted and recognised business platform that provides equal and unparalleled opportunities to manufacturers and marketers of pharmacy equipment, processing and packaging machineries, laboratory devices, utility products & services, pharma API & formulations.

In his earlier address on “Increasing Access to Healthcare in Nigeria: Strategic Partnerships to Achieve Medicine Security and National Self Sufficiency,” Dr Okey Akpa, chairman, Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria (PMG-MAN) told participants that the comprehensive advocacy put up by his association had yielded significant advances in the pharma manufacturing landscape in Nigeria as well as the continent.

Akpa further lauded Prof. Yemi Osinbajo, vice president of the country for issuing an executive order on support for local content in public procurement, directing the mandatory patronage of locally manufactured medicines by all government MDAs.

“This policy is expected to accelerate growth and development of the local pharmaceutical manufacturing sector, which will in turn ensure national medicines’ security, as well as boost self-sufficiency in production of medicines.

“Other positives associated with these policies include stimulation of considerable employment in the sector that will lead to increased inflow of foreign direct investment, as well as export of Nigerian medicines to neighbouring countries,” he stressed.

More than 108 participating companies exhibited their latest technologies on pharma formulations and manufacturing at the 2017 edition of the Nigerian Pharma Expo.

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