Nigeria’s Life Science Industry: The Golden Sunrise
I guessed it, right? You’re clearly wondering “what’s all this buzz about life science industry”? You’ve seen it around a couple of times but not certain as to why it seems so special. Can it compare with the other established economic giants: the massive oil and gas industry, the recession-proof healthcare industry, the revolutionary Information, communication and financial technology? So, why should you care about the life-sciences? Hang in there, you’re about to be literally mind-blown!
A little throw-back of sorts…
I grew up during the renaissance of the oil and gas industry in Nigeria. It was dominant in the days of my father, and his father before him. It’s this wealth of resource that most likely dubbed us the Giant of Africa. Like most countries, we are still ploughing through this era of oil dependence and just can’t afford to break loose from its alluring clutches. It’s been a tested and proven formula for years and despite the high stakes required to play in the oil business, everybody still craves for a piece of this sumptuous pie. With dwindling oil prices and a global migration towards clean and renewable energy, Nigeria is very determined to step on this supercharged 1964 Ferrari at 320 km/Hr, with one hand on the steering wheel, eyes partially blindfolded, hair flying in the wind, all the while driving with the manual gear on reverse! Pheww! We know it is destined to crash but don’t worry, we’ll think about the consequences later. Na we we, lol (that’s us)! Welcome to our beloved Naija!
You see, our economic sustainability as a nation is akin to the success of the oil and gas industry. We rode this oil wave through its glory days, and we balled major! Yes, we became a mega rich country- just check the numbers! But sadly, that’s where it all ends, as statistics, with endless numbers preceding unending zeros in illusionary foreign reserves and excess crude bank accounts. Sadly, this massive wealth of resources has not translated to a better quality of life for the people. Just take a good look at other oil and gas rich countries in the middle east and the affluence they live in. But sadly, we’re now more popularly known as the poverty capital of the world. Damn, that hurts!
Anyway sorry, I digressed…
Our healthcare industry is already a mirage at best! The Covid-19 pandemic has exposed the glaring fluke our healthcare delivery system has become over the years! Health institutions are meant to be the bed rock of every country’s economic productivity. But sadly, this eternally neglected sector by successive governmental regimes has been characterized by incessant strikes and protests from healthcare professionals, dilapidated infrastructure, alarming rates of child and maternal mortality, etc. Our dedicated healthcare professionals struggle to make the best with what is available, and when frustrated enough, migrate and excel in western climes. Healthcare tourism has quickly become the prime solution for the creme de la crème in the society. But just as our oil and gas audio money, the poor masses who need healthcare services can neither assess nor afford them. What a shame!
Thanks to our resilient and undeterred youthful populace, our Information, communication and financial technology sectors who offer a shiny glimmer of hope for Nigerians today. From several successful start-ups to growing e-commerce platforms with significant direct foreign investments, secured funding, and global interests, we are clearly poised for great things in future for this sector. We seem to be clearly doing something right, even the Facebook boss Mark Zuckerburg had to come take a look. While it is still quite early to dub an outright winner in the grand scheme of things, we can only pray and hope (our Naija mantra) that our dear government does not screw things up. Might seem too much to ask our politicians for tech-advancing policies and incentives, tech education initiatives and significant financial investments in the sector, so we just ask them to loosen the bottlenecks and let ICT and FinTech thrive in Nigeria. Not too much to ask, is it?
Now, the new Goldmine…
The life science industry is the new gold mine and you should position yourself to take advantage of its looming explosion. The sector encompasses pharmaceuticals, medical technology, biotechnology, cosmeceuticals, nutraceuticals, food processing and all institutions dedicated to research and development, manufacturing, technology transfer and product commercialization activities. This industry opens a new world of opportunities globally for individuals with demonstrable skillsets- graduates or not, to seamlessly transition from conventional job positions to rewarding life science careers. And of all major contributors to this expansive, yet untapped gold mine, the Pharmaceutical and MedTech reigns supreme of them all.
According to a 2018 global outlook report by BusinessWire, life sciences industry is expected to reach 1.2 Trillion USD by 2022, driven by Innovative Google, Amazon, Facebook and Apple (GAFA) partnerships and R&D investments. This analysis considered regional trends in the pharmaceutical, biotechnology and MedTech/in vitro diagnostics markets, as organizations transition in preparation for future growth opportunities in the life science ecosystem. This transition has opened new frontiers for development but also comes with its unique set of challenges. However, the strategic implication on the competitive African landscape bids extremely well for Nigeria. As the most populous black country in the world, currently estimated at 200 million people, top global companies can no longer afford to hold back from venturing into our emerging markets, championed by the current fissure in our commercial, technological and regulatory dynamism of the sector.
