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Pharmaceutical Industry in Ghana and Nigeria
Frost & Sullivan, Dec 2010, Pages: 121
This research service provides an overview of the pharmaceutical industry in Ghana and Nigeria. It analyses the full spectrum of the pharmaceutical industry by investigating individual therapeutic segments' contribution to the total market. It further provides a seven year forecast for each segment and describes the key drivers and restraints influencing the future growth. The research highlights key trends in the market, and discusses the competitive environment through a Porter's Five Forces Analysis. The research service also highlights key local manufacturers as well as key competitors in the branded and generics pharmaceutical market in the region.
This research service titled Pharmaceutical Industry in Ghana and Nigeria provides insight into the current market value, projected future growth and current trends in the West African pharmaceutical market and highlights key opportunities in each therapeutic segment. In this research, Frost & Sullivan's expert analysts thoroughly examine the following therapeutic segments: anti-infectives, cardiovascular, diabetes, respiratory, oncology and central nervous system.
Market Overview
Increase in Non-communicable Diseases creates Lucrative Market Opportunities for Generics
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. “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 the analyst of this research. “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.
Focus on Product Quality to Help Foster Brand Loyalty and Obviate Price Sensitivity of Consumers
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 the analyst. “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 the analyst. “Pharmaceutical companies can leverage these factors to attain a competitive position in the market.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following therapeutic segments in this research:
- Anti-infectives
- Cardiovascular
- Diabetes
- Respiratory
- Oncology
- Central nervous system
By Country:
- Nigeria
- Ghana
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