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COVID-19 RESPONSE in NIGERIA Promoting Innovations in HealthTech Series Fireside Conversation
September 10 th 3.00 - 5.00 pm (WAT)
IFC and Anadach Group will host a virtual fireside conversation to conclude the recently completed meeting series entitled Promoting Innovations in HealthTech to highlight potential solutions to support the COVID-19 response in Nigeria. The series gave founders, entrepreneurs and promoters a platform to present early stage innovations to potential partners, investors and funders. There were 10 selected presenters representing different aspects and diversity across the Nigerian health sector, who engaged in extremely interesting conversations with the panelists. The panelists for the event came from AAIC, CDC Group, Evercare Group, Health Markets Africa, Hygeia HMO, Johnson & Johnson Innovation Center, Lagoon Hospitals, Leapfrog Investments, Start Up Health, and TLcom Capital. Several connections were made, and we look forward to further concrete outcomes.
Nigeria has poor health indicators compared to other lower middle-income countries e.g. the maternal mortality ratio in Nigeria is 512 per 100,000 compared to 257 per 100,000, the average for lower middle-income countries.
According to the Federal Government, the total health expenditure accounted for 3.7% of GDP in 2016 (about $14.5 billion). This is far less than peer countries. The recent national health accounts estimated government health expenditure (including National Health Insurance – Social Insurance at 17.2%, out of pocket financing at 75.2% and 7.6% from donor financing.) It is estimated less than 5% of the Nigerian population has health insurance coverage.
With less than 25% of the total health expenditure provided by the public sector, the private sector continues to be the dominant financier in the healthcare sector. However, ownership is more diverse with that over 72% primary facilities, 40% of secondary care and 88% of tertiary care facilities are publicly owned. The facility does not include the number of pharmacies and diagnostic facilities which are predominantly urban and private. The Nigerian health care systems faces several challenges now exacerbated by the potential COVID crisis:
Nigeria’s increasing population, increasing middle class (now at risk due to potential recession), and unmet demand for affordable and quality healthcare, point to significant growth potential.
Majority of spending on healthcare in Nigeria comes from private sector through individual out-of-pocket payments limiting efficiency or effectiveness of health care purchasing.
Nigeria’s epidemiological profile indicates that the nation is faced with: massive but mostly preventable communicable infectious diseases; increasing prevalence of non- communicable disease reflected in the high maternal, infant and child mortality rates and low life expectancy of 54 (compared to 67 in Kenya).
3.00 pm – 3.05 pm: Welcome - Eme Essien (Country Manager, IFC)
3.05 pm – 3.10 pm: Opening Remarks：Musical Interlude by Ladipoe
3.10 pm – 3.15 pm: Introduction- Busola Shonowo (Anadach)
3.15 pm – 3.40 pm: Raising capital for health startups operating in Nigeria - Challenges and Opportunities Panel Discussion - Omobola Johnson (TLC Capital), Nobu Ichimiya (AAIC), Ife Olokode (Helium Health), Amr AboDraiaa (Rology) Moderator (Egbe Osifo-Dawodu - Anadach)
3.40 pm – 4.05 pm: Interactive session with audience facilitated by Moderator (Egbe Osifo-Dawodu)
4.05 pm – 4.30 pm: The opportunity for health tech in emerging economies (focus on Africa) during Covid-19 and beyond Panel Discussion- Monique Mrazek (IFC), Temi Awogboro (Evercare Group), Pascal Fröhlicher (Health Entrepreneur and Adviser to Anadach) Moderator (Wale Ayeni - IFC)
4.30 pm – 4.50 pm: Interactive session with audience facilitated by Moderator (Wale Ayeni)
4.50 pm – 5.00 pm: Conclusion/Moving Forward Enoma Alade (Anadach), Wale Ayeni (IFC)
IFC has an active portfolio of $2 billion in healthcare companies in emerging markets. Through these investments, IFC helps private providers meet the soaring demand for healthcare and supports governments in their goal of reaching Universal Health Coverage by 2030. Our investments and advisory services foster best practices in health care and life sciences, promote the deployment of innovative technologies, and advance quality care. IFC also participates in
several public-private partnerships in health care. IFC also supports early-stage ventures in developing countries that are creating new markets, transforming industries, and driving inclusive growth while realizing strong returns. By investing in best-in-class entrepreneurs and partnering with top-tier venture capital (VC) funds, we support the creation of a tech-enabled venture asset class across emerging markets that fosters private sector growth.
Anadach Group LLC is a healthcare strategic consulting firm focusing on providing innovative advice and services to clients and partners interested in transforming healthcare systems in emerging markets and developing economies. The mission of Anadach is to dramatically improve access to quality healthcare services and products in emerging countries by enhancing the solutions to major challenges facing healthcare organizations. Further information is available on www.anadach.com.