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Most developing nations, like Nigeria, only imported finished pharmaceutical dosage forms like suspensions, syrups, tablets, creams, ointments, suppositories, powders, capsules, and parenteral preparations until the middle of the 20th century.
These products were imported by multinational drug companies, the government, or wealthy indigenous private entrepreneurs.
Local production of raw materials, dosage forms, and processing equipment received little attention.However, the trend has changed recently, and local production of dosage forms and some processing equipment is beginning to receive more attention.
Even though a significant portion of dosage forms are still imported or allegedly imported from industrially developed nations such as India, China, the United States, Europe, Pakistan, Taiwan, and Brazil,The government has also attempted to get indigenous investors to make simple products rather than just import finished goods.
This shows that Nigeria still needs to put in a lot of effort to meet the health and drug needs of its citizens.
The Nigeria Pharmaceutical Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
“With the new guidelines, there will be a system of organised distribution of drugs that will guarantee that the drugs that are available are safe and effective.
“The event is being promoted to help the government provide Nigerians with the best pharmaceutical services and to safeguard the interests of practitioners and the general public.
Additionally, it is being promoted in order to foster indigenous entrepreneurship.
To address the major issues plaguing Nigeria’s pharmaceutical market, ULCO will operate as a business with a social enterprise focus.
The purpose of the launch, which will be presided over by former Permanent Secretary of the Federal Ministry of Power, is to encourage all potential investors to contribute to the organisation’s rise to a prestigious status.
Global production breakup of Nigeria Pharmaceutical Market, by suppliers and their OEM relationship
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