Product Development Strategy and Market Share Growth in the Nigerian Pharmaceutical Industry

This study examines the impact of product development strategy on market share growth among pharmaceutical companies operating in Nigeria. With increasing demand for locally manufactured healthcare products, Nigerian pharmaceutical firms face growing pressure to innovate and expand their product portfolios. The research uses a descriptive survey design, targeting research and development officers, marketing directors, and product managers of fifteen pharmaceutical companies with operations spread across Lagos, Ogun, and Anambra states. A sample of 105 respondents was selected using stratified sampling. Structured questionnaires were used to gather primary data, supplemented by publicly available product launch records. Data were analyzed using descriptive statistics and regression analysis. Findings show that firms investing a higher percentage of revenue in product research and development achieve statistically significant improvements in domestic market share within three to five years. Generic drug development and local raw material sourcing are identified as the most impactful product strategies for cost-competitive market positioning. Regulatory approval timelines at the National Agency for Food and Drug Administration and Control are cited as a major constraint on product development cycles. The study concludes that Nigerian pharmaceutical firms must adopt structured product development roadmaps and engage actively with regulatory bodies to accelerate market entry. Keywords: product development strategy, market share, pharmaceutical industry, Nigeria, NAFDAC.