The potential of West Africa’s pharmaceutical market is becoming increasingly significant. The market is forecasted to reach over $2.7 million in revenue in 2024, with a steady annual growth rate of 6.78 percent projected from 2024 to 2028. This growth is expected to culminate in a market volume of over $3.5 million by 2028.
Several key factors are fueling this upward trajectory in the African healthcare market, including an ever-increasing population and economic growth in the region. Population growth plays a crucial role, with the overall African population anticipated to reach 2.5 billion by 2050.
This surge in population will translate to a significantly higher demand for healthcare services across the continent. The African Development Bank Group has forecasted a rebound in West Africa’s growth rate, increasing from an estimated 3.2 percent in 2023 to 4 percent in 2024 and further to 4.4 percent in 2025.
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With the region’s healthcare infrastructure, this growth has also signified a shift towards more patient-centred approaches, with a noticeable rise in patient organisations and non-profit entities dedicated to fulfilling unmet healthcare needs.
Another pivotal development is the West Africa Medicines Regulatory Harmonisation Project (WA-MRH), launched in 2017 by the West Africa Health Organisation. The project aims to enhance the availability of high-quality, effective, and safe medicines and vaccines across the region.
Together, these elements underscore the dynamic growth and evolving landscape of West Africa’s pharmaceutical sector, showcasing its increasing importance on both a regional and global scale.
Challenges and opportunities
Despite the promising growth, the West African pharmaceutical sector encounters specific obstacles. A significant challenge is the region’s excessive dependence on imported medicines and raw materials.
This combined with complex and inefficient supply chains that frequently lack efficiency and transparency often results in shortages of essential medicines. Moreover, strict governmental regulations on drug importation can further compound these difficulties.
Despite these challenges, a plethora of opportunities still exist for pharmaceutical companies aiming to establish themselves in this region.
These include investing in the production of medicines tailored to local needs, building partnerships with governments or lobbying to enhance healthcare infrastructure, and employing innovative solutions and a seamless integration, thanks to its extensive expertise and the insightful approach of its partners to the pharmaceutical landscape among others.
Why Nigeria?
As one of the primary consumers in the West African pharmaceutical market, Nigeria is strategically positioned as a hub where ambitious, world-leading healthcare sector professionals are likely to meet.
Also, the Nigerian government’s support for increasing local manufacturing capacity offers businesses the opportunity to grow domestically.
The event scheduled from April 22 – 24, 2024 will serve as a manufacturing and trading hub, aiming to unite over 100 exhibitors and 2,000 attendees from around the globe. Their shared goal is to connect and improve the West African healthcare and pharmaceutical community.
Pharmaconex West Africa is keen to spotlight four key product sectors at the exhibition: active pharmaceutical ingredients & generic APIs, packaging materials, machinery & process equipment, and finished dosage forms.
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By showcasing state-of-the-art products and innovative processes, the exhibition aims to highlight the potential benefits these sectors can bring to the West African healthcare sector.
The event is designed to foster unparalleled networking and knowledge-sharing opportunities. Exhibitors will have the chance to broaden their reach within the African market, while attendees can gain valuable insights through technical seminars presented by industry experts.
Additionally, technical seminars will offer attendees the chance to enhance their knowledge and stay informed about the latest industry trends, best practices, and technologies, presented by thought leaders and experts in the field.
These will be supported with comprehensive hands-on training programs designed to equip professionals with the skills and expertise necessary for success in the continually evolving pharmaceutical landscape.
Attendees will gain access to high-quality content created and curated by industry experts, including case studies, whitepapers, industry reports, and roundtable discussions on key topics such as intra-Africa trade and AFCFTA.
Pharmaconex West Africa serves as a crucial entry point for pharmaceutical companies seeking to enter the expanding West African market. By encouraging partnerships and creating a foundation for a sustainable future, the event aims to actively contribute to the region’s growth.
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