The introduction of digital technologies has revolutionized various aspects of human life with more business processes being transformed from the hitherto manual and orthodox methods to more advanced methods. The healthcare sector is no exception. It has also embraced digitalization to improve the quality of healthcare provided to patients.
The COVID-19 pandemic significantly accelerated the growth of the digital healthcare system by altering many of the pivotal building blocks of healthcare services. Digital healthcare system revolves around mobile health (delivering healthcare services and information); telehealth and telemedicine (remote provision of healthcare services); predictive analysis (predicting health outcomes from data); AI-enabled check-ups; wearable devices; and e-prescription (prescription of medication digitally), amongst others.
With digital healthcare offering a wide range of possibilities and improving the quality of healthcare delivery services, many investors are now attracted to the sector. However, understanding the tax consequences of such decisions is critical for investors who are seeking a maximum return on their investments. In this article, we examined the era of the Digital Healthcare System in Nigeria and explored the tax and regulatory considerations relevant to life sciences and healthcare companies in Nigeria.