Growth has been observed in every segment of the African pharmaceuticals market. Research has shown that the market for prescription drugs is set to grow at a rate of over 6.5 % – 8% per annum up to the year 2025.
Key Growth Drivers
The main drivers of this rapid growth include the high rate of urbanization, advancement in the health care capacity, and a very supportive business environment. An Industry survey by pharmaceutical manufacturers has directed their efforts mainly in the developing cities where there are huge opportunities for dominating the markets rather than focusing on the various countries as a whole. It has also been observed that at least 40% of the market share is contributed by at least 30 cities in Africa.
Major Countries Influencing Demand
The major countries that have driven the pharmaceutical medicines and machines market include South Africa, Nigeria, Morocco, Kenya, Ghana, Algeria, Tunisia, Tanzania, and Sudan. Other developing countries in Africa also contribute to the overall demand. For rapid market development, there also needs a concerted effort to address the supply and distribution challenges and invest in pharmaceutical machines that can manufacture medications locally thus make for an efficient supply chain.
According to a study of the world health organization, the demand for efficient, safe and effective medicines is very high and the local manufacturing capacity must be geared up to meet this demand. By countries adopting this kind of strategy, there will be availability of medicines on time and in a cost-effective way. This will mean a reduction in health expenditure and decreased interruption in the supply of medicines to needy people.
Pharmaceutical Machines in Africa
To meet the increasing demand for pharmaceuticals in Africa some of the manufacturing equipment that need to be purchased include; Injectable vial powder filling machines
The rapid growth of the pharmaceuticals market is good news for various investors such as medicine manufacturers, machinery manufacturers, and various other industry players. These developments are also good for the overall well being of the health sector.
Major Growth Drivers
Urbanization; It is expected that by the year 2025, the majority of the population shall be urbanized and will be more accessible to health care services. It is also expected that there shall be better purchasing power among the population and have a better ability to adopt modern medicines.
Health Care Capacity
It has been observed that in the last decade, Africa has added over 100,000 new health facilities, both in the rural and urban areas. The health care systems are also becoming more efficient through various government interventions and private sector partnerships. There has also been the introduction of innovative delivery models that have contributed to an improved health care system.
There has been a lot of support from the governments encouraging investors and importation of specialized equipment targeted at helping meet the demand for medicines. Major pharmaceutical companies are aligning themselves through mergers and partnerships to help address the growing demand. The financial sectors have also availed good support for the industry.