African Pharmaceutical Market is expected to see a Double-Digit Growth by 2027 – Emerging Growth Opportunities in Africa

The pharmaceutical market is a very complex but is a consistently growing segment which plays a very crucial role in the growth of the healthcare industry. The pharmaceutical market mainly refers to the market for pharmaceutical and medical products, which includes prescription drugs, over-the-counter drugs and other healthcare and pharmaceutical products. It is a highly regulated market which majorly emphasizes on research, development, manufacturing, and distribution of drugs and other pharmaceutical products.

Rapidly Emerging Growth Opportunities in the African Pharmaceutical Market

The African pharmaceutical market is very less developed as compared to the developed continents such as North America, South America, Europe, Asia-Pacific, Middle-East, etc. which further makes it an attractive industry for new investment and growth opportunities. The African pharmaceutical market is growing quickly due to rapid urbanization, along with generating many and new growth opportunities for global healthcare and pharmaceutical corporations.

Africa's quick urbanization is further driving the growth of some of the key pharmaceutical companies. With the quick emergence of metro cities and growing awareness of multiple health disorders such as diabetes, ADHD, and malaria, there has been a significant surge in the purchase of terminal disease medications and healthcare and pharma costs. Governments in African regions are updating their policies to bring more foreign investors and healthcare corporations, which is also leading to an upcoming commercial landscape in Africa.

The tropical environment in Africa is suitable for the spread of many diseases due to the introduction of new disease-transmitting organisms. Hence, many infectious diseases are already prevalent within the African population, such as Cholera, TB, Influenza, Hepatitis, and AIDS. The African regions also experience the sudden outbreaks of diseases such as Polio, Meningitis, Cholera, Influenza, Yellow Fever, Measles, Hepatitis, Malaria, Tetanus.

“This is a historic moment. The long-awaited malaria vaccine for kids is a breakthrough for science, child health, and malaria control. Using this vaccine on top of existing tools and technologies to prevent the spread of malaria could save tens of thousands of young lives every year.”-WHO, Director-General

Shift towards a western and a modernized lifestyle in Africa has caused a rapid surge in the spread of non-communicable diseases (NCDs), thus leading to a huge demand for chronic prescription drugs. Governments in many African regions are making their best efforts to improve their healthcare facilities and infrastructures and provide an easy and quick access to medicines, which is expected to boost and trigger the growth of the African pharmaceutical market. An increasing adoption of generic drugs and the significant growth of e-commerce in the African continent are also projected to contribute to the consistent growth of the African pharmaceutical market.

Positive Market Dynamics and Ample Growth Opportunities for Pharmaceutical Companies in the African Pharmaceutical Market

Covid-19 Pandemic had thrown light on the vulnerability of the healthcare systems and focused on the regions and countries ensuring a basic level of supply security for medical and pharma products. Regular and crucial drugs and medicines are not available in Africa very easily as it primarily depends on imports from other developed regions, with approximately up to 70% of pharmaceutical and medical products being imported.

Global healthcare companies need to collaborate with some of the leading local enterprises and governments to enrich their chances of success in the pharmaceutical market. Working together on the research, public awareness campaigns and medical device provision can help dominate the African pharmaceutical market.

For Instance,

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

Key Market Challenges for the African Pharmaceutical Market

The African pharmaceutical market faces many market challenges such as small and fragmented markets, weak regulatory frameworks, and inadequate manpower capacity. Poor procurement and supply chain systems, along with policy incoherencies across trade, market, health, and finance industry, and lack of funds for R&D activities also hampers the growth of the African pharmaceutical market.

Competitive Landscape Analysis: African Pharmaceutical Market

Some of the top and well-established players operating in the African pharmaceutical market are Adcock Ingram, F. Hoffmann-La Roche, Pfizer Inc., Novartis AG, Johnson & Johnson, Sanofi, Bayer, Aspen, Cipla, Merckand Co. Inc.

Effective Growth Strategies Adopted by the Top Market Players to Establish Their Foothold in the African Pharmaceutical Market

All the key players operating in the African pharmaceutical market are adopting both organic and inorganic growth strategies such as securing funding and investments, launching new pharmaceutical and medical products, entering into partnerships with other stakeholders and acquiring companies and start-ups to gain a higher market share.

For instance,

• In April 2023, WHO and South Korea have signed an agreement to produce 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 regions generate biologicals such as vaccines, insulin, monoclonal antibodies, cancer medicine.

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