African Pharmaceutical Market is projected to witness a lucrative and a double-digit growth by 2027

The pharmaceutical market is a very complex but it is a consistently performing segment which plays an crucial role in the overall growth of the healthcare segment. The pharmaceutical market refers to the market for pharmaceutical and medical products, which includes prescription drugs, generic drugs, over-the-counter drugs and other healthcare and medical products. It is a highly regulated market which is primarily focused on the research, development, manufacturing, and distribution of drugs and other medical treatments.

Ample Growth and Expansion Opportunities in the African Pharmaceutical Market

The African pharmaceutical market is far less developed as compared to the other developed regions such as North America, South America, Middle-East, Europe, Asia-Pacific, thus it makes it an attractive market for new investments and growth opportunities. The African pharmaceutical market is growing fast, along with opening up many new investment and growth opportunities for the leading pharmaceutical companies.

Africa's fast urbanization is also driving the growth of the top and emerging pharmaceutical companies. With the rapid growth of many metro cities and growing awareness of various healthcare disorders such as diabetes, ADHD, and malaria, there has been a significant rise in the purchase of terminal disease medications and healthcare costs. Governments are updating their policies to bring foreign investors and global pharma companies which is leading to a growing 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. As a result, there are many infectious diseases which are already present in the African population, such as Cholera, TB, Influenza, Hepatitis and AIDS. The African regions also experiences the outbreaks of other diseases such as Polio, Meningitis, Cholera, Influenza, Yellow Fever, Measles, Hepatitis, Malaria, And Tetanus.

For instance,

Till date, Malaria still remains a prime cause of childhood illness and death in sub-Saharan Africa. Yearly, more than 260000 African children under the age group of 5 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. An increasing cases of infectious diseases and associated product approvals is estimated to drive the growth of the African pharmaceutical market.

Market Dynamics and Emerging Opportunities for Leading Pharmaceutical Companies in the African Pharmaceutical Market

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

The pharmaceutical market in Africa is divided into 3 main categories: prescription drugs, generic drugs, and over-the-counter (OTC) drugs. Generics have experienced the quickest and rapid growth. The production of generics provides the best chance for the private segment companies to focus their investments and enhance their capabilities.

Global pharma companies need to partner with the local companies and governments to further increase their probability of success in the pharmaceutical market. Working together with the local companies on research, public awareness campaigns and medical equipment provision can help take a strong foothold in the African pharmaceutical market.

For instance,

• In November 2021, NTC and Aspen received a 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.

Upcoming Market Challenges: African Pharmaceutical Market

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

Competitive Landscape Analysis: African Pharmaceutical Market

Some of the leading and new 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., etc.

The African pharmaceutical market is estimated to garner a further momentum in the coming years due to the fast growing African population, increasing demand for generic drugs, growing cases of chronic diseases and favourable government initiatives to improve quick and easy access to medicines and healthcare infrastructures and growth strategies adopted by the top players operating in the African pharmaceutical market.

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