Nigeria, Africa’s biggest economy at $495 billion, spends just 3.75 per cent of Gross Domestic Product (GDP) on healthcare, compared with 4.8 per cent in Kenya, 8.11 per cent in South Africa and 13.42 per cent in Sierra Leone. 
 
As a consequence of under-investment, bringing Nigeria in line with the world average of 2.7 beds per 1000 people would require 386,000 more beds and entail a massive $82 billion investment in healthcare real estate assets, according to Knight Frank’s Healthcare Consulting Team.
 
More details through:
https://thenationonlineng.net/nigeria-spends-3-75-of-495b-gdp-on-healthcare/

Following the creation of a credit support intervention fund by the Central Bank of Nigeria (CBN) for the health sector, Unity Bank Plc has launched a product to ease credit access for healthcare service providers.
 
The new product tagged UnityCare is to improve health sector operators’ access to affordable credit, reduce medical tourism and conserve foreign exchange (FOREX).
 
It is also aimed at providing long-term, low-cost finance for operators of health infrastructural development, product manufacturing, services, pharmaceutical/medical product distribution and logistics services…
 
More details through:
https://guardian.ng/business-services/business/new-credit-product-targets-healthcare-service-providers/
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Nigeria has shifted to France, Denmark and Singapore to take delivery of some pharmaceutical products valued at N231.05 billion ($502.3million) in the last one year. This is coming as the Federal Government had decried the influx of counterfeit pharmaceutical products from China and Indian.
 
Already, government has said that it would commence pre-shipment analysis of imported drugs coming from the two countries into the Nigeria. Findings by New Telegraph revealed that importation of drugs from France had surged from eight per cent to 92 per cent, Denmark, form 11.6 per cent to 89.4 per cent and Singarpore from 1.7per cent to 98.3 per cent within one year…
 
More details through:
https://www.newtelegraphng.com/nigeria-imports-n231bn-drug-from-france-denmark/
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Nigeria’s estimated 302,076 populace who battle with cancer are faced with a struggle for remedial treatment under less than 10 radiotherapy machines available country-wide, where at least 200 are required in tandem with the World Health Organisation’s (WHO) recommendation of one machine per one million people…
 
More details through:
https://businessday.ng/exclusives/article/nigerias-cancer-sufferers-struggle-for-care-under-10-radiotherapy-machines-instead-of-200/
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Following the massive importation of some counterfeit drugs into the country from India and China, the Federal Government has finalized arrangement to commence pre-shipment analysis of imported drugs. Findings revealed that the country had imported some drugs valued at N326.97billion ($695.6million) from China and India within the last two years.
 
International Trade Statistics (ITS) portal on pharmaceutical products imported into Nigeria revealed that $508million were imported from India in two years, noting that $205.4million and $302,6million pharmaceutical products were shipped into the country between 2018 and 2019.
 
The trade portal also explained that $187.7million drugs were ferried from China, stressing that the country took delivery of $94.6million and $93,1million pharmaceutical products within the period…
 
More details through:
https://www.newtelegraphng.com/fg-battles-india-china-as-n326-97bn-drugs-flood-nigeria/
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President, Nigerian Association of Pharmacists and Pharmaceutical Scientists in the Americas (NAPPSA), Dr Anthony Ikeme, has express concerns over Nigeria’s increasing import of pharmaceuticals especially from China and India estimated at $600 million (about N276 billion) yearly.
 
He stressed the need for the federal government to develop and execute a blueprint for the economic development of the pharmaceutical industry that will go along way in addressing its shortcomings.
 
“We must robustly and efficiently deploy all facets of our national human resource asset and machinery towards achieving our national pharmaceutical sector strategy” he said…
 
More details through:
https://dailytrust.com/nigeria-spends-n276bn-yearly-on-pharmaceuticals-from-china-india
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Nigeria’s capacity to generate essential genomic data for pharmaceutical productions that suit the medical needs of Africa’s genetic framework is gaining more impetus on investors’ growing interest in the development of local molecular medicine…
 
More details through:
https://businessday.ng/lead-story/article/nigerias-genomic-capacity-for-drug-production-grows-on-major-investments/
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When Loveth Metiboba’s baby had diarrhoea, she worried that taking him to a clinc near her home in Nigeria’s capital, Abuja, might expose them both to the coronavirus. “The idea of going to the clinic was very scary,” said Metiboba, a researcher for charity.
 
Instead, the clinc, run by Nigerian health technology firm eHealth Africa, sent her a web browser link to hold a video chat with a doctor who diagnosed her son with a mild illness and prescribed medicine to avoid dehydration.
 
Across the globe, the COVID-19 pandemic has accelerated changes in the way medicine is practiced as medical care increasingly begins with an online consultation rather than a face-to-face meeting…
 
More details through:
https://af.reuters.com/article/nigeriaNews/idAFL5N2F09SY

Nigeria imported over $1.32 billion (N500 billion) worth of pharmaceutical products in the last three years, it was leant. It was leant that only 20 per cent of pharmaceutical products are being manufactured locally, while 80 per cent pharmaceutical are imported from India, United States and Germany.
 
According to Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN), local drug manufacturers may soon close shop since almost all finished pharmaceuticals products were imported majorly by non- pharmacists. The group blamed the challenge experienced by local drug firms on the inconsistent government policies, which had detered investors and kills local drug manufacturing from the industry…
 
More details through:
https://thenationonlineng.net/nigerias-pharmaceutical-imports-top-n500b-in-three-years/

Flying Doctors Healthcare Investment Company plans to set up a $1 billion fund to invest in health care and wellness across Africa.
 
“We are raising in three tranches within four years,” Ola Brown, the company’s managing partner and co-founder, said in an interview. “The first $200 million by the end of first quarter next year, and then $300 million and $500 million.”
 
Based in Nigeria, Flying Doctors Healthcare Investment Company already has a number of health care technology companies in its portfolio that are worth an estimated $200 million. The companies include MDaas Global, LifeStore Pharmacy and Helium Health and operate in diagnostics, pharmaceuticals and telemedicine…
 
More details through:
https://www.bloomberg.com/news/articles/2020-09-01/nigeria-doctor-eyes-1-billion-health-fund-after-tackling-virus
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