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Economic 360 for South Africa : Growth Prospects and Emerging Opportunities in the Healthcare Industry
Frost & Sullivan, Dec 2010, Pages: 98
South Africa’s economy has shown moderate growth since 2004 and had weathered the economic turmoil well during 2008 and 2009. Indications point to a modest recovery in the early parts of 2010 and the economy is poised to achieve GDP growth rates of between three and four percent from 2011 to 2014. Prolific growth is expected in the manufacturing as well as the finance, real estate and business services sectors. Economic growth is being driven by various factors, such as strengthening of the local manufacturing sector due to the government’s commitment to development and the recovery of the building and construction sector after the economic decline of 2009. The relatively high levels of foreign direct investment (FDI) inflows have stimulated the finance, real estate as well as business services sectors and limited the effect of climbing trade deficits on the current account. The government is committed to boosting the country’s export sector, which has traditionally been a poor performer. The high rate of unemployment remains the predominant concern in the country, preventing sustained economic growth.
The healthcare system in South Africa is under severe pressure, with the public sector lacking infrastructure and skills. However, the private healthcare sector is well developed and has attracted many of the public-sector skills. The private sector is also well financed and per capita healthcare expenditure in the private healthcare sector is almost six times higher than in the public healthcare sector. The burden of disease in South Africa is very high and this will drive the demand for healthcare services in the country. Major government initiatives include the National Health Insurance Proposal, which aims to provide healthcare coverage to the entire population with zero co-payments and involve the private sector in contributing to public healthcare. The demand for generic pharmaceuticals is growing in the country as a result of their cost competitiveness and high occurrence of disease. Portable medical devices will witness a demand upswing as a result of the necessity for rural coverage and mobile clinics. The clinical trials market is expanding because of the need for finding cost-effective means to treat disease. Major opportunities exist for public private partnerships (PPPs) as the lack of public sector healthcare infrastructure and skills can be provided through PPP agreements with the private sector.
The analysis of the economy and the healthcare sector is presented by examining the key growth trends and factors contributing to the strength or weaknesses in various economic sectors and policy environment. The political climate will remain stable in the foreseeable future and will not have any negative impact on the levels of economic growth. Fiscal and monetary policy commitments are unified to encourage economic growth and reduce the high levels of unemployment. Major trade partners are analyzed and trends indicate a shift in trade toward China as the major trading partner for South Africa. An analysis of key trade trends reveals a marked shift in the composition of exports and imports. The share of manufacturing exports is steadily increasing, while that of mining exports is declining. The relative share of manufacturing imports is decreasing, indicating that the manufacturing sector is becoming more competitive and export-oriented.
The lack of healthcare infrastructure in the public sector has made the South African Government consider the National Health Insurance Proposal to utilize private resources and skills to provide healthcare services to the entire population. The analysis of the healthcare industry is presented taking into account the challenges faced in South Africa and in the healthcare industry and the disparity between the public and private sectors. The analysis also includes an assessment of industry segments, an evaluation of key trends and growth patterns.
Economic 360 for South Africa: Growth Prospects and Emerging Opportunities in the Healthcare Industry, is a 'must have' executive level decision-making guide that provides a focused analysis of this industry by analyzing the economic climate of South Africa. Besides enabling decision makers to assess the impact of non-market forces on industry performance, it also helps in identifying new market opportunities. This service provides a strong base for preparing contingency plans based on probable scenarios. In addition, investors can assess the industry-specific risk factors as well as conduct a more in-depth micro research on the South African healthcare market.
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