Goldstein Market Intelligence, a leading research & consulting firm recently released the second edition of its Africa Pharmaceuticals Industry report for 2020.This report provides readers with an overview of emerging major pharmaceuticals markets in Africa, while offering actionable metrics around geographies and specific providers.
Goldstein Market Intelligence first began evaluating the secondary, or 'emerging major,' markets in 2019 as pharmaceuticals manufacturers looked to set up operations outside of the top six markets (Nigeria, South Africa , Kenya, Angola , Libya , Egypt, Morocco) in areas that were underserved, resulting in demand that grew at surprising rates. Goldstein Market Intelligence intends to continue studying additional emerging markets in Africa and findings will be published annually. This report provides current supply, demand and utilization metrics, as well as market-specific analysis similar to Goldstein Market Intelligence previous reports. This report goes further in terms of sizing each market by existing supply levels.
Key report findings include:-
Healthcare Infrastructure:- The continent accounts for 14% of global population but it has only 3% production of world medicines. Africa pharmaceutical manufacturing sector contributes only 25% - 30% of total needs. Moreover the life-saving drugs production is even more concentrated in only a few African countries i.e. 70% of pharmaceutical manufacturing is in South Africa and the remaining in Ghana, Nigeria and Kenya. Further, of the total supply of drugs in Africa, more than 85% is imported and Senegal imports 80% of these medicines. Major import of generic drugs are directed from India. Although they are cheap but still the high transportation cost adds up the price of drugs that reaches to end consumer. Which thus makes it difficult to provide effective healthcare system & treatment. Thus in present scenario, no African country, irrespective of their its size and level of economic development is entirely self sufficient for pharmaceuticals.
Changing Demographics:- The changing demographics also help the African Pharmaceutical sector to increase in every sector . With increase in population there is increase in different kind of diseases and growth of different kinds of drugs. During 2017 and 2025, the generic drugs segment are anticipated to grow at a compound annual growth rate (CAGR) of 9.1%, prescription drugs at 6.6% and over-the-counter (OTC) medicines at 5.9%.
New Entrants:- The entry of major players in the market have lead to a rise in competition in the market . The stiff competition may lead to production of low cost medicines .As the population rises the hotel Industry also grows and expands with rising population. The growth of the hotel industry has also shown significant rise in the country . This rapid increase in population has lead to massive increase in the hospitality industry.
COVID-19 impact on "African Pharmaceutical Market"
Impact of COVID-19 Outbreak on African Pharmaceutical Industry, Manufacturers, Contract Manufacturers Suppliers and Recovery Strategy. A complete detailed chapter of 50-70 pages which includes the data and information focused on impacts of the pandemic on the Nigerian Pharma Industry. It also showcases the expected recovery schedule and losses in the industry and other various major factors.
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