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Pharmaceutical Industry in Ghana and Nigeria

  • June 2014
  • 204 pages
  • Frost & Sullivan
Report ID: 445046

Summary

Table of Contents

A Ripe Business Opportunity for Big Pharma and Generic Pharma Companies

The pharmaceutical industry in Ghana and Nigeria is forecast to represent a combined business opportunity of over $3 billion by 2018, propelled by a convergence of changing economic profiles, increased healthcare spending and investment, and increasing incidence of chronic diseases. Market segmentation is done based on products (OTC, generic, and branded) as well as therapeutic areas (anti-infectives, cardiovascular, diabetes, oncology, respiratory, and CNS). This study provides a detailed analysis that includes market overview, market engineering measurements, revenue forecasts, competitive analysis, and key trends for the pharmaceutical industry in Ghana and Nigeria.

Methodology

-Primary interviews were conducted with industry stakeholders such as Tier I and Tier II pharmaceutical companies, industry experts, and regulatory authorities. Designation of interviewed participants include chief executive officers, marketing managers, directors, and vice presidents.
-Secondary research sources such as in-house Frost & Sullivan database, Frost & Sullivan’s Decision Support Database, company annual reports, scientific journals, and industry-related articles have been utilised.
-For the purpose of this research, West African pharmaceutical industry refers to the pharmaceutical industry in Ghana and Nigeria.
-Revenues include drug sales from local manufacturers, multinational companies that either establish their own business units or trade via a local distributor as well as imports from generic pharmaceutical companies.
-Over-the-counter (OTC) products have been included in the scope of this study.

Key Findings

-In 2013, the pharmaceutical industry of Ghana and Nigeria was valued at $ billion. It is expected to witness a compound annual growth rate (CAGR) of % and generate a revenue of $ billion in 2018.
-Nigeria accounted for % of the revenue in the total Ghanaian and Nigerian pharmaceutical industry in 2013 because of its large size, while Ghana accounted for the remaining %.
-In 2013, the generic pharmaceutical segment represented the highest revenue share of %, while the branded pharmaceutical segment represented the least.
-The OTC pharmaceutical segment is considerably large in Ghana and Nigeria, constituting % of the total pharmaceutical industry, attributable to the large number of local manufacturers particularly in the anti-infectives, analgesics, and multivitamins product segments.
-In 2013, the anti-infectives therapeutic segment accounted for the highest revenue share of% of the total pharmaceutical industry in Ghana and Nigeria. It is expected to witness a high CAGR from 2013 to 2018 and remain the largest therapeutic segment during the forecast period.
-Although the oncology therapeutic segment accounted for the smallest revenue share in 2013, it is expected to be the fastest growing segment during the forecast period, given the increasing awareness about cancer in Ghana and Nigeria.
-The cardiovascular and diabetes therapeutic segments are also projected to witness high growth rates during the forecast period as a result of increasing adoption of western lifestyle, driving the demand for consumption of chronic drugs.
-The continuous burden of anti-infectives, including malaria, tuberculosis (TB), and HIV/AIDS in West Africa is expected to be the major growth driver for this industry.
-The increased prevalence of non-communicable diseases (NCDs) such as hypertension, diabetes, and cancer in Ghana and Nigeria is expected to have a high impact on the growth of the total pharmaceutical industry as the demand for chronic prescription therapy for these diseases rises.
-The recent achievement of % NHIS coverage in Ghana in 2013 is expected to result in high growth of the pharmaceutical industry, particularly the prescription pharmaceutical (generic and branded) segment, because of easy accessibility and affordability of medicines.
-The judicious efforts of the Food and Drugs Board (FDB) (Ghana) and National Agency for Food (NAFDAC) (Nigeria) to control parallel trading and imports of counterfeit drugs are expected to contribute to the growth of the legitimate pharmaceutical industry in Ghana and Nigeria.
-Furthermore, the governments are also encouraging the local production of essential medicines to improve capacity utilisation and reduce imports.

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