NEUROPHARMACEUTICAL MARKET IN USA

The pharmaceutical industry in Nigeria originated in the early 1970s in conjunction with the crude-oil boom, which provided the impetus for a functioning domestic pharmaceutical industry.

The industry received a substantial fillip in the mid-1970s through to the 1980s from the import substitution policy of the Nigerian government, which sought to rapidly industrialize the country by reducing its dependence on imported drugs. These policies persuaded many pharmaceutical companies over this period that it would be better to enter into local production than solely to import finished drugs.

In terms of number of companies, the pharmaceutical industry has grown principally over the last two decades. Presently, there are about 134 registered local manufacturers in the country. However, local production of medicines has not kept pace with this expansion due to the lingering problem of low capacity utilization.