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How technology can combat flooding in emerging marketsOBGplus
– Recent floods in emerging markets highlight the need for resilience strategies – Human and economic loss will increase as climate change advances – Drones, data and artificial intelligence can enhance preparedness and response – Farmers are turning to ancient techniques to grow flood-resistant food As climate change causes sea levels to rise to unprecedented levels, governments and…
Medical Technology
Technology is transforming health provision in emerging markets – not only in terms of extending care to underserved areas, but also by allowing hospitals to digitise patient records or provide diagnosis and care remotely. In Nigeria there is considerable scope to facilitate the uptake of medical technology. Indeed, many hospitals continue to store patient records on paper, which results in…
Devices & Equipment
According to Fitch Solutions, the Nigerian medical device market is projected to grow at a compound annual growth rate (CAGR) of 15% between 2018 and 2023 to reach N82.7bn – an upward revision from Fitch’s previous forecast of a 13.4% CAGR for the period. Consumables are the largest subcategory of medical devices in Nigeria, making up more than 30% of imports in 2016, according to Fitch…
Government Incentives
While the underlying fundamentals of the health care sector and Nigeria’s demographics already make a strong case for investment, government incentives are helping to increase the market’s attractiveness further. In the first year of the Covid-19 pandemic, the government issued some N100bn in credit facilities for health care that were awarded to pharmaceutical companies, goods manufacturers…
Investment Potential
Against the backdrop of limited public spending and a growing burden of care for an expanding population, there are substantial opportunities for private investment in Nigeria’s health sector. The breakdown of health care financing in the country points to the scope for increased private sector participation: development partners account for 4% of the total, compared to 69% in out-of- pocket…
Combatting Counterfeits
Counterfeit medicine is a significant issue in the region, with the World Health Organisation (WHO) estimating that Africa accounted for as much of 42% of the world’s fake drugs. According to Fitch Solutions, there are approximately 3m unregistered pharmaceutical premises in Nigeria alone, which pose a threat to public health and the growth prospects of the local pharmaceutical manufacturing industry. “Counterfeits…
Research & Development
In 2002 Nigeria was one of 10 African countries to endorse a target of allocating 1% of GDP to research and development (R&D); however, the country has fallen short of this goal in the intervening years, with the government pledging to spend 0.5% of GDP on R&D in 2021. As of May of that year there were a reported 223 clinical trials in progress in Nigeria, equivalent to 0.1% of the global…
