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Frost & Sullivan Identifies Increased Prevalence of Non-communicable Diseases as Key Driving Factor in Growth of the WA Pharmaceutical Industry - New analysis from Frost & Sullivan, Pharmaceutical Industry in Ghana and Nigeria, earned revenues of $970.0 million in 2009 and estimates this to reach $2,307.2 million in 2016
Frost & Sullivan Identifies Increased Prevalence of Non-communicable Diseases as Key Driving Factor in Growth of the WA Pharmaceutical Industry

 

PRZOOM - /newswire/ - Cape Town, South Africa, 2011/03/30 - New analysis from Frost & Sullivan, Pharmaceutical Industry in Ghana and Nigeria, earned revenues of $970.0 million in 2009 and estimates this to reach $2,307.2 million in 2016.

   
 
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With the adoption of a more western lifestyle characterised by less healthy diets and more sedentary activities across West African countries like Nigeria and Ghana, the incidence of non-communicable diseases, particularly hypertension and diabetes, have increased. As the demand for chronic medicines for these conditions surges, lucrative market opportunities, particularly in the generic market, have opened up.

New analysis from Frost & Sullivan (pharma.frost.com), Pharmaceutical Industry in Ghana and Nigeria, earned revenues of $970.0 million in 2009 and estimates this to reach $2,307.2 million in 2016. The following therapeutic segments are covered in the research: anti-infectives, cardiovascular, diabetes, respiratory, oncology and central nervous system.

"The dual burden of communicable and non-communicable diseases in Ghana and Nigeria is the main driver for growth of the pharmaceutical industry in the region," notes Frost & Sullivan Research Analyst Tinotenda Sachikonye. "Second and third, only to anti-infectives, in terms of contribution to the 2009 annual pharmaceutical industry revenues in Ghana and Nigeria were medicines for cardiovascular conditions and diabetes."

Treatment for diabetes and cardiovascular conditions such as hypertension is typically chronic, thereby creating a continual demand for diabetes and hypertension medicines. Several foreign generic companies have entered the West African market and more local manufacturers are focussing on medicines for hypertension and diabetes.

However, as the major proportion of consumers in Ghana and Nigeria are price- sensitive, competition with low-cost Asian generics is a challenge for the majority of participants in the market. The cost of conducting business for local manufacturers is particularly high.

"Price is an important purchasing criterion for the Ghana National Health Insurance (NHI) which covers 66.4 per cent of the population in Ghana and the NHI will only pay for generics," explains Sachikonye. "Additionally, government tenders in both countries are awarded mainly on the basis of price."

It is important that companies in this market identify their target customers and differentiate themselves accordingly. Although the majority of consumers in the region are price sensitive, several others are brand loyal and willing to pay the cost for their preferred brands.

"Although pricing is a major factor to success in Ghana and Nigeria, other factors such as having good quality products, having a robust distribution network, good marketing strategies and brand recognition are equally important," concludes Sachikonye. "Pharmaceutical companies can leverage these factors to attain a competitive position in the market."

Pharmaceutical Industry in Ghana and Nigeria is part of the Pharmaceuticals & Biotechnology Growth Partnership Services programme, which also includes research in the following markets: Pharmaceutical Industry in East Africa, Pharmaceutical Industry in key SADC countries, Healthcare Overview in Mozambique, Healthcare Overview in Zimbabwe and Healthcare Overview in Angola. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

If you are interested in more information about this study, please send an email to Christie Cronje, Corporate Communications, at christie.cronje[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.

Pharmaceutical Industry in Ghana and Nigeria / M65E

 
 
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Frost & Sullivan Identifies Increased Prevalence of Non-communicable Diseases as Key Driving Factor in Growth of the WA Pharmaceutical Industry

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Contact: Christie Cronje 
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