Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of 2024 compared to the same period last year. This growth comes amid rising drug prices across the country.

Fidson Healthcare, May & Baker Nigeria, and MeCure Industries, all major players in the market, reported significant revenue gains. Fidson led the pack with a 65.6% increase, followed by May & Baker at 51.4% and MeCure at 47.2%.

While the financial reports don’t explicitly connect the revenue rise to drug price hikes, the timing suggests a possible correlation. Increased revenue doesn’t necessarily translate to higher profits, as all three companies also saw a rise in input costs. Fidson’s after-tax profit even dipped slightly.

Source: Business Day