African Pharmaceutical Market is expected to witness a healthy and a double-digit growth by 2027 - Rapidly Emerging Investment and Growth Opportunities in the African Continent

The pharmaceutical market is a complex and consistently emerging industry which plays an important role in the healthcare segment. The pharmaceutical market refers to the market for pharmaceutical products, which includes prescription drugs, over-the-counter medications and other healthcare products. It is a highly regulated market which is mainly focused on the research, development, manufacturing, and distribution of drugs and other medical treatments.

Significant Growth and Expansion in the African Pharmaceutical Market

The pharmaceutical market in Africa is less developed as compared to the other developed regions such as North America, Europe, Asia-Pacific, which makes it an attractive segment for new investments and growth opportunities. The African pharmaceutical market is expanding rapidly, along with creating many new investment and growth opportunities for global corporations.

Africa's rapid urbanization is also driving the growth of leading pharmaceutical companies. With the emergence of big cities and an increasing awareness of health disorders such as diabetes, ADHD, and malaria, there has been a surge in the purchase of terminal disease medications and healthcare costs. Governments are revising their policies to attract foreign investors and global corporations which is leading to an emerging commercial landscape in Africa.

The tropical environment in Africa is conducive to the spread of various diseases due to the introduction of new disease-transmitting organisms. As a result, there are multiple infectious diseases prevalent in the African population, such as Cholera, TB, Influenza, Hepatitis, and AIDS. The African continent also experiences outbreaks of various diseases such as Polio, Meningitis, Cholera, Influenza, Yellow Fever, Measles, Hepatitis, Malaria, And Tetanus. etc.

For instance, Malaria remains a major cause of childhood illness and death in sub-Saharan Africa. Annually, more than 260 000 African children under the age group of five die from malaria. Recently, in October 2021, WHO approved the application of RTS, S/AS01 (RTS, S) malaria vaccine among children in sub-Saharan Africa and in other regions with moderate to high P. falciparum malaria transmission.

"This is a historic moment. The long-awaited malaria vaccine for children is a breakthrough for science, child health, and malaria control. Using this vaccine on top of existing tools to prevent malaria could save tens of thousands of young lives each year."-WHO, Director-General

Move towards a Western lifestyle in Africa has caused a rise in the non-communicable diseases (NCDs), thus leading to a high demand for chronic prescription drugs. Governments in many African countries are making efforts to enrich their healthcare infrastructures and offer easy access to medicines, which is set to further boost the growth of the African pharmaceutical market. Growing adoption of generic drugs and the growth of e-commerce in the African region are also poised to contribute to the growth of the African pharmaceutical market.

Favourable Market Dynamics and Emerging Growth Opportunities of Pharmaceutical Companies in the African Pharmaceutical Market

The Covid-19 Pandemic has shed light on the vulnerability of the global healthcare systems and focused on the importance of countries ensuring a basic level of supply security for medical products. Important drugs and medicines are not easily available in Africa as it depends heavily on imports, with up to 70% of pharmaceutical products being imported. Local vaccine production can only meet less than 1% of the local demand in value.

For instance,

In November 2022, African Development Bank established a foundation 'The African Pharmaceutical Technology' to boost the continent's pharmaceutical and vaccine manufacturing sector. The goal of setting this foundation is to ensure the continent has greater independence regarding basic medical goods, highlighted by the difficulties in procuring vital supplies during the COVID-19 pandemic.

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The pharmaceutical market in Africa is segmented into three categories: prescription drugs, generics, and over-the-counter drugs. Generics have experienced the largest and fastest growth. The production of generics offers a best chance for the private segment to concentrate their investments and improve their capability.

Global corporations need to partner with local enterprises and governments to further enhance their probability of success in the pharmaceutical industry. Working together on research, public awareness campaigns and medical equipment provision can help sway the African pharmaceutical market in their favor.

For instance,

In November 2021, NTC (Novelty Technology Care based in Italy) and Aspen (based in South Africa) received approval from SAHPRA (South African Health Products Regulatory Authority) for the first-ever fixed combination of a quinolone antibiotic (levofloxacin) and an anti-inflammatory steroid (dexamethasone) in an ophthalmic eye drop solution.

Market Constraints/Challenges: African Pharmaceutical Market

Africa's pharmaceutical segment faces many industry challenges, which also includes small and fragmented markets, weak regulatory frameworks, and insufficient manpower capacity. Poor procurement and supply chain systems, as well as policy incoherencies across trade, market, health, and finance segment, and shortage of funds for R&D activities also impedes the growth of the African pharmaceutical market.

Competitive Landscape Analysis: African Pharmaceutical Market

Some of the key and emerging players operating in the African pharmaceutical market are: Adcock Ingram, F. Hoffmann-La Roche, Pfizer Inc., Novartis AG, Johnson & Johnson (Janssen Global Services LLC), Sanofi, Bayer, Aspen, Cipla, and Merck and Co. Inc., among others.

Aggressive Growth Strategies Adopted by the Leading Market Players to Establish Their Foothold in the African Pharmaceutical Market

Leading players operating in the African pharmaceutical market are adopting both organic and inorganic growth strategies such as securing funding, launching new products, entering into collaborations and partnerships and acquiring companies and start-ups to garner a larger market share.

For instance,

In April 2023, WHO and South Korea signed an agreement to create a global training center for biomanufacturing. WHO, along with partners, launched the mRNA Technology Transfer program with the opening of the Hub facility in South Africa. The center will help low- and middle-income countries produce biologicals such as vaccines, insulin, monoclonal antibodies, cancer medicine.

The African pharmaceutical market is anticipated to gain a consistent momentum in the forthcoming years due to the growing African population, rising demand for generic drugs, increasing cases of chronic diseases and government initiatives to enrich quick access to medicines & healthcare infrastructure and aggressive growth strategies adopted by the leading players operating in African pharmaceutical market.

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Ruta Halde
Associate, Medi-Tech Insights
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1050 Brussels, Belgium
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https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.