Africa may be home to less than 15 percent of the world’s population but it is the continent where up to 25 percent of the world’s diseases occur. Nigeria, being the most populous nation in Africa, has a large number of cases of widespread communicable diseases.
It has been estimated that about 30,000 Nigerians spend $1 billion annually on medical tourism. 60 percent of this amount is spent in four major areas of healthcare, namely cardiology, orthopedics, renal dialysis issues and cancer.
The structure of Nigerian health industry consists of the following:
- Health Services
- Communicable Disease Control
- Non Communicable Disease Control
- Reproductive and Sexual Health
- Accident and Emergency Services
- Clinical Care
- Traditional and Alternative Medicine Practice
Private health facilities complement the public sector. As the days of free health care in the public hospitals are over, the access as well as provision of treatment have diminished. The added values of private facilities are quality and convenience. There is a growing middle class that prefers to use private health facilities and can afford it. The NHIS works with private health facilities by way of contracting private facilities to provide services to NHIS clients in order to achieve a high coverage.
Besides, the industry has witnessed many landmark changes in recent years, including a law that mandates compulsory health scheme for employees and a step-up in the anti-counterfeit and substandard drugs campaign.
With a population of more than 180 million, there is a huge gap between healthcare needs and actual provisions, which presents huge opportunities for multinationals with extensive capacity for research and capital for investments.
Further investment opportunities include:
- Construction of Hospitals and Clinics
Diagnostic and Advanced Laboratory Facilities
- Dialysis Clinics
- Oncology Clinics
- Diabetology Clinics
- Digital Hospital Equipment
- Monitoring Equipment
Diagnostic Equipment and Maintenance
- X-Ray Devices
- Magnetic Resonance Imaging (MRI) Device
- Computer Tomography (CT)
- Echocardiography Device
- Ultrasound Machine
Emergency Response Service
- First-Aid and Advanced Life Support
- Ground and Air Ambulance
- Medical Technology and Technician Training
- Health Insurance
- Drug Procurement and Pharmaceutical Supplies Management
- Hospital Waste Management
- Rehabilitation and Physiotherapy
- Elderly Residential Areas
- Mortuary Services and Funeral Homes
Leading Pharmaceutical Companies in Nigeria
Several global pharmaceutical and healthcare firms are currently operating in Nigeria. Some of them include:
- Pfizer Global Pharmaceuticals
- Mega Life Sciences
- May & Baker
Some others are scouting for acquisitions and partnerships with Nigerian companies as part of global investment focus on the healthcare sector. Investment opportunities and partnerships include contract manufacturing and investment in new facilities by some health care services providers.