The Nigeria Pharmaceutical Market is the largest in Africa, growing by leaps and bounds. With this level of expansion, there are a few things you need to know before making investments in the Nigerian pharma market. Pharma West Africa has trawled through piles of data and uncovered four gems you need to know before jumping into the Nigerian pharmaceutical market.
Things To Know About Nigeria Pharmaceutical Market
1. Know Nigeria’s Pharmaceutical Ecosystem First
Like every other market in the world, Nigeria’s pharmaceutical ecosystem is characterized by a series of stakeholders that play a role in making the Nigerian pharma market what it is today. Your business will only thrive if you understand these roles and how they work together well. Here are a few of the most important roles in the Nigerian pharma market:
The Federal Ministry of Health (FMOH): The FMOH is one of the most important roles in Nigeria’s pharmaceutical ecosystem. It runs pharmaceutical regulations, implements health policies, and administers the country’s public health system.
The Nigeria FDA: The Nigerian FDA is a regulatory body that regulates healthcare products in Nigeria. It is pivotal in protecting local citizens from substandard drugs and poor-quality medicines. It also ensures that drugs are safe and effective before they are sold in the market.
2. Know How The Nigerian Pharma Market Operates
The best way to understand the Nigerian pharmaceutical market is to take a look at how the market operates. That includes gaining knowledge of Nigeria’s drug pricing and reimbursement system, distribution channels, and facilities located on the current market landscape. Nigeria Pharmaceutical Market: A snapshot of the Nigerian market’s current landscape can help you better understand how Nigeria works.
3. Education Is The Key To Success
Many people like to think that the pharmaceutical market is easy to get into, but the truth is that it takes a lot of hard work and commitment to succeed in it. Education is very important in fathoming out the Nigeria Pharmaceutical Market. One of the best ways to educate yourself about the Nigerian pharmaceutical market is by reading about it.
4. Get To Know Nigeria’s Drug Law
One of the most important things you need to know about the Nigerian drug law is that it prohibits parallel importing drugs. It was done to protect the local industry and ensure that Nigerians get quality drugs. However, it also means that you must work hard and ensure you comply with the Nigerian drug law if you intend to move into the market.
Pharma West Africa offers our clients full support in doing business in Africa, pre-clinical and clinical trial products, registered medical devices, pharmaceutical contract manufacturing, and other related services.
For more information about these services, please contact us and we will be more than happy to assist you.
The Nigeria Pharmaceutical Market in Africa has been growing at a rapid pace within the past few decades. It is the largest by volume in sub-Saharan Africa and is expected to increase even further over the next decade.