Wednesday, February 13, 2013

Big Pharma Finds Lucrative Market Among Africa's Middle Classes.

Reuters (2/13, Berton) reports that a surge in economic growth in Africa is attracting pharmaceutical giants, such as GlaxoSmithKline and Novartis, to expand their presence on the continent. The drug makers say one of the biggest incentives is the market to treat chronic diseases among the Middle Classes. Moreover, according to the most recent data from the IMS, by 2016, Africa's 10.6 percent annual growth rate will help boost its pharmaceutical spending to as much as $30 billion; and analysts are projecting that by 2020, the market will reach $45 billion. However, the potential benefits are not without challenges. Yet, even the recent violence in Mali and Algeria wasn't enough to deter Paris-based Sanofi SA from moving forward with what will be its third drug-manufacturing facility in Africa.

from DIA Daily

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