Looking at reported figures of past years and the future projections by industry watchers and experts, the Medical and Pharmaceutical sectors no doubt are an extraordinarily profitable business sectors. In fact, the world pharmaceutical market is said to be worth about $1.6 Trillion currently, and it is expected to increase by 7.2 per cent at a year-on-year increase up to 2020.
With reference to Nigeria, it is trusted that a solid business opportunity exists for enormous pharmaceutical and non-specific pharmaceutical organizations in the nation in light of the fact that the tropical atmosphere in which Nigeria is arranged makes the regions a hotbed for irresistible infections, especially jungle fever, tuberculosis and AIDS among various others.
The medical and pharmaceutical industries in Nigeria stand in a better position to lead its counterparts in Africa in terms of productivity and prosperity if properly re-positioned. Both industries are like any other investment that thrives in population density generally referred to in business parlance as Customer Base. This is because its investors assess and determine the profitability or otherwise of a business they are interested in.
With a population of over 180 million currently, the largest in Africa and abundance of human and natural resources, investment in these industries 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 medical and pharmaceutical products.
There is also the possibility of some of the private and public tertiary institutions operating in Nigeria attracting funds for research purposes because of their reputation and set up. The achievements of some of the universities had placed them in the mould of centres of excellence and as such, they could be helpful in research and development aspects of both medical and pharmaceutical industry demand.
As one of the largest producers of crude in the world, there is also the likelihood of investment interests in the petrochemical industry. If that happens, production of Active Pharmaceutical Ingredients (APIs) will bolster investments in the industry.
Who says that the much-needed medicines for the cure of malaria and other diseases ravaging African nations cannot be discovered in Nigeria?
For Investment Advisory, specifically about investing in the Healthcare sector of the Nigerian economy, please get in touch with:
5A Dozek Close,
Off Alternative Route,
Lekki, Lagos State, Nigeria.
TEL: +2348034869295, +2348020550410