Reports reveal that pharmaceutical markets in sub-Saharan Africa earned revenues of $2.2 billion (R19bn) in 2011 and were estimated to reach $5bn in 2018 as a result of the growing middle class, increasing incidence of non-communicable diseases and the continued burden of infectious diseases.
These pharmaceutical markets were expected to have a compound annual growth rate of 12 percent from 2011 to 2018, with the fastest growth experienced in Ghana and Tanzania, according to new analysis from business research firm, Frost & Sullivan.
The report, Sub-Saharan Africa Pharmaceutical Yearbook, completed in July, also noted that pharmaceuticals alleviating chronic conditions such as hypertension and diabetes represented lucrative growth opportunities.
The study looked at Ghana and Nigeria, Tanzania, Kenya, Botswana and Zambia with the focus on the therapeutic segments including anti-infectives, cardiovascular, diabetes, respiratory, oncology and central nervous system medicines.
An anti-infective pharmaceutical market which comprises antiretrovirals, antimalarials and antibiotics presented 44.2 percent of sales.
This segment remained the primary market due to its high malaria burden, contributing nearly 45 percent of the pharmaceutical revenues through the forecast period.
The cardiovascular segment represented 11.8 percent of sales.
Central nervous system and oncology accounted for 4.3 percent and 3.3 percent respectively. Oncology medicine was forecast to generate growth of 12.9 percent.
“Growth will be driven primarily by an expanding middle class and underlying strong economic growth,” said the Frost & Sullivan analyst Ryan Lobban.