As one of the largest landmasses in the world, Africa has proved notoriously difficult to capture data related to healthcare and pharmaceuticals. Some of the lesser developed countries have very basic record keeping routines and more often than not, data coming out of these regions is inaccurate. We have formed key alliances with industry-leading intelligence companies, ensuring we are informed of the latest data coming out of Africa. Helping us shape our conference to be as data-driven as possible, below are some data points relating to the pharmaceutical industry in Africa.
Africa’s pharmaceutical market is expected to increase at a compound annual growth rate of 5.8% yearly until 2020, when its value will have risen from around US$20 billion in 2013 to between $40 billion and $60 billion, according to recent forecasts.
Africa’s pharmaceutical market is one of the most attractive markets in the world. Some of the main reasons for its rapid growth are the increasing availability of cost-effective and skilled labour, high quality infrastructure, and the introduction of regulatory commissions in most countries. Despite these advances, there is still a long road ahead for advancing the pharmaceutical industry in Africa.
These moves, together with the introduction of a new regulatory agency and efforts to augment economic growth, will positively contribute to growing the continent’s pharmaceutical sector and boost foreign investment, according to a report, produced by market intelligence provider GlobalData.
Many countries across Africa are set to witness a number of new healthcare reform plans in the future, with the primary objective being to reduce the growing drug expenditure by increasing the use of generics.
South Africa in particular has made improvements to its regulatory structure to speed up drug approvals and increase foreign investment in the country. Under the old regulatory regime, drug approvals took a long time and the process was not transparent, and this led many pharma multinationals to consider investing in other markets where there was greater clarity, more streamlined processes and less risk.