Do you know? Nigerian pharmaceutical market value is in the order of $4 bn. It is growing with great potential and has been working to meet the needs of essential medicines. In 2021, Nigeria introduced a legal representative body working on manufacturing medicines locally. Some of their significant locally produced medicines include analgesics, antipyretics, and antirheumatics, vitamins, and minerals, eye care, which contribute about 25%.
Moreover, over-the-counter pharmaceuticals also include non-prescription medicines, treatments, and other healthcare products. The revenue in the OTC Pharmaceuticals market amounts to US$1,203m in 2023. With a growing number in value, and in terms of manufacturing, Abuja, Nigeria can be looked upon to buy pharmaceuticals.
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The Importance of Pharmaceutical Companies Today
With a world that just passed by an outlander COVID-19, it was the pharmaceutical companies that increased the world’s living expectancy. Most nations and scientists have the prime goal of eradicating diseases and creating a healthy ecosystem. Some of the world-breaking diseases fought were smallpox, sympathetic filariasis, and more.
Highlights of OTC Pharmaceuticals
|
Market Segment |
Revenue (2023) |
Expected Annual Growth Rate (CAGR 2023-2028) |
| Analgesics | $16 million | 14% |
| Eye Care | $5 million | 6.25% |
| Vitamins and Minerals | $0.50 billion | 11.1% |
| Digestives and Intestinal | $132 million | 10.72% |
Source: Statista
Now, Abuja in Nigeria is realizing the importance of recognizing imports and exports of pharmaceuticals. Also, with the ticking clock, pharmaceutical companies have widened their wings in online buying and selling. Thus, opening the doors of eCommerce. eCommerce has already settled its foot in Abuja, but there is always more to explore.
Well, in the realm of understanding the eCommerce market, and its marketplace, this content digs into 5 top pharmaceutical companies of Abuja, and how international purchase helps a business.
Top 5 Pharmaceutical Companies in Abuja, Nigeria
eWorldTrade
Starting from a very credible name in the world of eCommerce eWorldTrade is an unignorable name. Although the platform itself is not a manufacturing platform or a wholesaler, it is where all buyers and sellers can connect. eWorldTrade emerged as an online platform bringing businesses from around the world together, and creating an atmosphere of boundless B2B transactions.
Whether a business in Abuja or a business looking to connect in Abuja, they can easily connect through eWorldTrade. Manufacturers and sellers have well-established profiles where buyers can make orders in bulk. eWorldTrade has been managing businesses for the longest and has flourished with inclusive services for every business.
Emzor
Established in 1977, Emzor is a private-label pharmaceutical manufacturing company. They are responsible for manufacturing 140 pharmaceutical products, including medical consumables, vitamins, anti-tussives, and cardio-protective drugs. It also has 2 warehouses, 3 factories, and global reach to 25 countries. Emzor has a clear mission of providing healthcare products, along with maintaining high quality.
With some values in mind, Emzor is working with commitment, passion, energy, and excellence. These elements altogether make up Emzor. With businesses around the world who look to work in Abuja. Clients can make a connection and create a strengthened distribution and logistics footprint.
PharmGate LTD
PharmGate is another licensed pharmaceutical company working in Nigeria, while its headquarters are in Abuja. It is also legalized by the Pharmacy Society of Nigeria and is an OTC pharmacy. For consistent years, they have been ranked among the forefront pharmaceutical businesses in Africa. This pharmaceutical company also has rarely foreign drugs. PharmaGate also hired professional pharmacists who offer personalized services
To level up the experience, PharmaGate has the expertise and an inventory that is enabled by AI technology. These types of functionalities help to improve health, and well-being at every stage. Their online services are supervised by skillful pharmacists who work closely with the manufacturers. Every sale process is carefully looked through and authorized before they are dispatched.
Global Pharma Distributor
With working in every continent Global Pharma Distributors are a top-edge name that works in every continent. After understanding every challenge along the way, they have extensive experience in international trade and have licensed processes for online transactions around the globe. Moving on, they have a maintained supply chain system with high standards in the quality and safety of all kinds of pharmaceutical products.
Buyers can connect with Global Pharma Distributors, and consult with the professionals in their respective fields. Sellers can also connect if they look forward to providing quality pharmaceutical products. For Further details, they have an activated system for getting a free quote.
Glaxo Smith Kline (GSK) Nigeria
Glaxo Smith Kline (GSK) is a popularly known pharmaceutical company working robustly in the medical field. They are on a mission to lead a global healthcare company that serves the purpose of prolonging human life, so they feel better and live longer. GSK in Nigeria has a broad spectrum in their global business that works on multiple angles such as research, and development, manufacturing, and working on innovative medicines, vaccines, and other health facilities. By valuing sciences and focusing on building a strong global brand they interact with retailers, buyers, and sellers, with high-quality, products at the right time and place.
How Does International Purchasing Benefit?
Whenever a business plans to make a purchase, it involves many factors such procumbent of materials, goods, and services. Some sellers and buyers may struggle within the local market, which is why looking further afield could be more beneficial.
As a B2B owner, you may face some struggles at home, therefore one could benefit by looking far from the circle. Working with international sellers may innovate existing businesses and bring benefits to pharmaceutical products, and goods. Experts are also of the opinion that purchasing overseas sellers allows you to have an upgrade and follow trends which works also as a benefit.
However, working with international buyers comes with its attributes and if they are understood well, one may enjoy the process of outsourcing. For example, some regions are more attractive and their production cost is lower than other such as South-East Asia, Africa, and Eastern Europe.
International purchasing also allows to have what is not available locally. Competition is another asset to add to the business. By bringing something from the overseas market you can stay at the top of the market and have an edge over others by bringing something new to the market.
The Growth of the Abuja, Nigerian Market In Pharmaceuticals
Besides some challenges, Nigeria has also emerged with some small—scale private labs that are associated with or are competing with foreign companies. However, with continuous work, and research the reliability, and infrastructure have increased the manufacturing and selling of locally-made medications.
Some of the facilities created through the eCommerce transactions have caused several impacts such as;
- More locally generated companies are getting connected with online eCommerce platforms and hence have spiked their sales and businesses.
- It has become more essential for residents of Abuja and its outer skirts to have a smother process in buying and selling.
Conclusion
The world of pharmaceuticals is bigger than one may think. There is more to offer and comprehend in order to understand how this eCommerce pharmaceutical world works. Choosing one of the platforms either as a buyer or a seller may help in routing a smooth path. Platforms like eWorldTrade are a significant example of starting a new business or bringing pharmaceuticals from around the world.
