Opportunities ripe for Pharma in Ghana and Nigeria

Strong business opportunities exist for big pharmaceutical and generic pharmaceutical companies in Ghana and Nigeria. This is of no surprise as the tropical climate of Africa makes the continent a hotbed for infectious diseases, particularly malaria, tuberculosis and AIDS.

Outbreaks of polio, meningitis, cholera, pandemic influenza, yellow fever, measles, hepatitis and tetanus are also frequent, comments market research firm Frost & Sullivan, nothing that the rising adoption of a Western diet and sedentary lifestyle is also causing a paradigm shift in the burden of illness towards non-communicable diseases (NCDs).

Market expanding at 13.9% CAGR

A new analysis from Frost & Sullivan, titled Pharmaceutical Industry in Ghana and Nigeria, finds that the market earned revenues of $1.63 billion in 2013 and estimates this to reach $3.12 billion in 2018 at a compound annual growth rate of 13.9%. The study covers branded, generic and over-the-counter pharmaceuticals.

“Increased economic wealth and health care investment, changing lifestyle patterns and improved awareness on the importance of health status among West Africans will take the African pharmaceutical industry to $40 billion by 2018,” saidFrost & Sullivan health care senior research analyst Aiswariya Chidambaram, adding: “A significant portion of the industry’s expected value will come from Ghana and Nigeria.”

High growth rates expected for NCDs