Pharmaceutical industry in Nigeria

Last updated

The pharmaceutical industry in Nigeria is oligopoly, being a multi-product industry. It is characterized by a combination of Stackelberg equilibrium (Leadership/Followership), Cournot (classical) model, quasi-competitive model, for various groups of products, and generally by market price stability of the kinked demand curve model, ruling out collusion model and stackelberg disequilibrium. Concerning the investigation of the prospects of the industry to contribute to national development in terms of contribution to growth as a leading sector and promotion of self-reliance through net export earnings, findings show that the sector's prospects are poor in this respect as it is not above average for the Nigerian economy.

Desirable policy strategies required for efficient conduct and performance of the industry include better government funding of research and development through the National Institute for Pharmaceutical Research and Development in collaboration with universities, support for the establishment of professional distribution network, completion of the third phase of petrochemical project, and the need for the Raw Material Research and Development Council (RMRDC) to also focus on active pharmaceutical ingredients. [1]

List of pharmaceutical companies operating in Nigeria:

Related Research Articles

<span class="mw-page-title-main">Economy of Nigeria</span>

The economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 53rd-largest economy in the world in terms of nominal GDP, the fourth largest in Africa and the 27th-largest in terms of purchasing power parity.

<span class="mw-page-title-main">Kwality Wall's</span> Indian food company

Kwality Wall's is an Indian multinational frozen desserts brand owned by the Indian consumer goods company Hindustan Unilever. It is a major producer and distributor of frozen dessert products in India, Bangladesh, Bhutan, Brunei, Myanmar, Nepal, Sri Lanka, Thailand, Singapore and Malaysia. In Pakistan and Bangladesh, it's called only as "Wall's".

The pharmaceutical industry is one of the leading industries in the People's Republic of China, covering synthetic chemicals and drugs, prepared Chinese medicines, medical devices, apparatus and instruments, hygiene materials, packing materials, and pharmaceutical machinery. China has the second-largest pharmaceutical market in the world as of 2017 which is worth US$110 billion. China accounts for 20% of the world's population but only a small fraction of the global drug market. China's changing health-care environment is designed to extend basic health insurance to a larger portion of the population and give individuals greater access to products and services. Following the period of change, the pharmaceutical industry is expected to continue its expansion.

<span class="mw-page-title-main">ITESO, Universidad Jesuita de Guadalajara</span> Jesuit University in Jalisco, Mexico

ITESO, Universidad Jesuita de Guadalajara — distinct from the University of Guadalajara — also known as Instituto Tecnológico y de Estudios Superiores de Occidente, ITESO, is a Jesuit university in the Western Mexican state of Jalisco, located in the municipality of Tlaquepaque in the Guadalajara Metropolitan Area.

<span class="mw-page-title-main">Hosiden</span> Japanese electronics company

Hosiden Corporation is a Japanese electronics company. It manufactures electronic components and devices and has a strong presence in the telecommunication and automotive industries prior to the consumer markets. It is headquartered in Yao, Osaka and has over 19 factories and more than 12,000 workers.

<span class="mw-page-title-main">Strides Pharma Science</span> Pharmaceutical company headquartered in India

Strides Pharma Science Limited is an Indian pharmaceutical company, headquartered at Bangalore in southern India. The company manufactures pharmaceutical products, over-the-counter drugs and nutraceuticals. Products include softgel capsules, hard-gel capsules, tablets and dry and wet injectables. Its softgel manufacturing capability consists of an annual capacity of 50,000 machine hours or about three billion softgel capsules. The company has 15 manufacturing sites in six countries and marketing presence in 50 countries. In the United States and Canadian markets, the company partners with generic companies to supply retail and hospital generics in injectable products and softgels. In European markets, it has long-term relationships for the development of projects and supply agreements with the European companies. In Australia and New Zealand, the company is engaged in manufacturing and supply of soft gels and value-added manufacturing. The company has development and supply agreements with South African companies. The company's stock trades on the Bombay Stock Exchange and on the National Stock Exchange of India.

<span class="mw-page-title-main">Ponsse</span> Finnish company manufacturing forestry vehicles and machinery

Ponsse Plc is a company domiciled in Finland that manufactures and markets a range of forestry vehicles and machinery such as forwarders and harvesters. The Ponsse company was established by the forest machine entrepreneur Einari Vidgrén in 1970. Today, Ponsse's machines are used at logging sites in approximately 40 countries, and 80 per cent of the company's net sales come from exports. All machines are manufactured in the company's birthplace in Vieremä. Ponsse Group employs more than 1,800 people in 10 countries, and the company's shares are quoted on the NASDAQ OMX Nordic List.

<span class="mw-page-title-main">Agriculture in Nigeria</span> Overview of agriculture in Nigeria


Agriculture is a major sector of the Nigerian economy, accounting for up to 35% of total employment in 2020. According to the FAO, agriculture remains the foundation of the Nigerian economy, providing livelihood for most Nigerians and generating millions of jobs. Along with crude oil, Nigeria relies on the agricultural products it exports to generate most of its national revenue. The agricultural sector in Nigeria comprises four sub-sectors: crop production, livestock, forestry, and fishing.

<span class="mw-page-title-main">Federal Ministry of Agriculture and Rural Development</span> Agriculture ministry of Nigeria

The Federal Ministry of Agriculture and Rural Development is a Ministry of the Federal Government of Nigeria that has the mandate to ensure food security in crop, livestock and fisheries, stimulate agricultural employment and services, promote the production and supply of raw materials to Agro- allied industries, provide markets for the products of the industrial sector, generate foreign exchange and aid rural Socio-economic development throughout Nigeria. Mohammad Mahmood Abubakar is the current Minister of Agriculture and Rural Development. Abubakar replaced Sabo Nanono and took charge of the affairs of the Ministry of Agriculture and Rural Development in September 2021, after he was redeployed from the Federal Ministry of Environment by President Muhammadu Buhari.

Hikma Pharmaceuticals plc is a British multinational pharmaceutical company with headquarters in London, UK that manufactures non-branded generic and in-licensed pharmaceutical products. It was founded by Samih Darwazah in Amman, Jordan in 1978. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">West Bengal Electronics Industry Development Corporation</span>

West Bengal Electronics Industry Development Corporation Limited (WEBEL) is an public sector company owned by Department of Information Technology and Electronics, Government of West Bengal which works on IT, ITeS, electronics industry, technology development and it's related industries. Based in Indian state of West Bengal and headquartered in Salt Lake city near Kolkata, it was incorporated in 1974 with the objective of developing the electronics industry in West Bengal.

Tiens Group is a Chinese multinational conglomerate and multi-level marketing company headquartered in Tianjin, China. It has 126 branches in 111 countries around the world. The head of the company is Li Jinyuan, a Chinese businessman, investor, and philanthropist.

Chr. Hansen A/S is a bioscience company based in Hørsholm, Denmark. Since January 2024 together with Novozymes a part of Novonesis. The company is a supplier of bacteria cultures, probiotics, enzymes and human milk oligosaccharides. Its products are used in the production of fresh dairy, cheese, meat, seafood, fermented beverages, dairy and meat alternatives, dietary supplements, infant formula, pharmaceuticals and agricultural products. In 2021, Chr. Hansen A/S was ranked 1st on FoodTalks' Top 30 Global Probiotic Food Ingredient Companies list. Chr. Hansen owns one of the world's largest commercial bacteria collections.

<span class="mw-page-title-main">Sun Pharma</span> Indian multinational pharmaceutical company

Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company headquartered in Mumbai, that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) in more than 100 countries across the globe. It is the largest pharmaceutical company in India and the fourth largest specialty generic pharmaceutical company in the world. The products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynecology, respiratory, oncology, dental and nutritionals. 

Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies. CVC is defined by the Business Dictionary as the "practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise; the objective is to gain a specific competitive advantage." Examples of CVCs include GV and Intel Capital.

Renata Limited, also known as Renata, is one of the top ten pharmaceutical manufacturers in Bangladesh. Renata is engaged in the manufacture and marketing of human pharmaceutical and animal health products. The company also manufactures animal therapeutics and nutrition products. Renata currently employs about 2300 people in its head office in Mirpur, Dhaka and its three production facilities in Mirpur, Dhaka, Rajendrapur, Gazipur and Bhaluka, Mymensingh.

Sterling Bank Ltd. is a full-service national commercial bank licensed by the Central Bank of Nigeria. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively. The Bank provides services to individuals, small businesses, and large corporations.

<span class="mw-page-title-main">Wema Bank</span> Nigerian commercial bank

Wema Bank Plc is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation's thirty six states and federal capital territory.

The pharmaceutical industry in Pakistan was estimated to be worth Rs. 748 billion (US$2.6 billion) in 2023, representing about 1% of the country's GDP. The industry is largely import-dependent, with more than 90% of raw material being imported and only 12% of APIs locally produced. Pakistani pharmaceutical companies are engaged in importing raw materials, compounding APIs with excipients, coating of pills, and fill-finish activities. The industry is regulated by the Drug Regulatory Authority of Pakistan, which oversees drug approvals and pricing.

References

  1. Ugoji, Ngozi. "Market structure, conduct, and performance of the pharmaceutical industry in Nigeria". Unilag SPGS (Thesis & Dissertation): 288.
  2. https://mecure.com/ [ bare URL ]
  3. https://www.madenigeria.com/2024/06/Pharmaceutical-Companies-Operating-Nigeria.html [ bare URL ]
  4. https://www.emzorpharma.com/ [ bare URL ]
  5. https://www.madenigeria.com/2024/06/Pharmaceutical-Companies-Operating-Nigeria.html [ bare URL ]
  6. https://www.neimethplc.com.ng/contact-us/ [ bare URL ]
  7. https://www.madenigeria.com/2024/06/Pharmaceutical-Companies-Operating-Nigeria.html [ bare URL ]