East African pharmaceutical market set to boom
The market, therefore, is expected to reach a value of $3,540.6m in 2021, registering a compound annual growth rate (CAGR) of 10.6%, according to Frost & Sullivan’s East African Pharmaceutical Market, Forecast to 2021, which provides an analysis of current and expected market developments, drivers, restraints, and revenue forecasts across five countries, including Kenya, Tanzania, Ethiopia, Uganda, and Rwanda.
“Regulations in some East African nations are cumbersome; creating a need for clear and targeted policies that are effectively monitored and enforced,” notes Takudzwa Musiyarira, transformational health research analyst. “Public-private partnerships should be established to ensure regulatory and funding mechanisms result in better health outcomes.”
Major developments in the East African pharmaceutical market include:
- High growth in NCD segments, with oncology experiencing the fastest growth;
- Increasing local production to reduce reliance on donor aid and imports, while sustaining access to quality-assured medicine in the long term;
- Establishing regional treaties to encourage intra-region trade;
- Rwanda increasing national health expenditure and providing the highest rate of universal coverage in sub-Saharan Africa; and
- Investment in infrastructure and skills retention, resulting in increased diagnostic capabilities, earlier detection, and quicker treatment for chronic ailments.
“Branded participants such as GSK, Pfizer, Novartis, Roche, and AstraZeneca compete on pricing, product portfolios, and distribution network. As vaccine manufacturing becomes more important over the next decade, players should look to partner with governments in their vaccine rollout programmes,” says Musiyarira.