Africa's healthcare sector, particularly in the pharmaceutical industry, boasts of vast untapped potential for growth. With Africa's annual demand for packaged medicines estimated at USD 18 billion, and 61% of products being imported, the continent's market remains largely underexplored. However, the advent of the African Continental Free Trade Area (AfCFTA) promises to transform the landscape, facilitating investments in local pharmaceutical manufacturing chains encompassing branded and generic medicines, vaccines, diagnostic kits as well as bandages.
The East African pharmaceutical industry represents the continental market in a nutshell. The region is home to around 400 million people and a rapidly growing middle class, coupled with increasing urbanisation has added to the industry's prospects.