Forgotten markets of Africa and Arabia to see increased growth

A new report by CPhI forecasts sizable changes ahead for the pharma markets in the Middle East and Africa over the next few years. It highlights recent regulatory changes, coupled with increased geopolitical stability and rising generics consumption as key drivers in transforming the prospects of pharma manufacturers in the region.

The CPhI Middle East and Africa report – released ahead of the inaugural edition of CPhI MEA (03-05 September 2018, Abu Dhabi) – has identified significant opportunities for a region that is often overlooked by much of international pharma.

“Our report shows that there two types of market in the region, and both are likely to grow extremely quickly in the near term. The high-income economies offer excellent opportunities for innovative and branded medicines, whilst the free trade agreement between the GCC (Gulf Cooperation Council) nations will undoubtedly increase generics consumption. Additionally, high growth economies in Africa (notably Nigeria, Ghana and South Africa) also look a good bet for rapid generics growth over the next 5-years [with compound annual growth rates of around 10% each],” saidCara Turner, brand manager – CPhI Middle East & Africa at UBM.