Addis Chamber Members in Pharmaceutical at CPHI Korea
Last week, I attended a great event, CPHI Korea at Seoul, Republic of Korea with AACCSA members engaged in pharmaceutical business.
CPHI Korea was a very good opportunity for networking of various global companies from pharmaceutical importers to biotechnologies and API manufacturers.
The event was also a very good opportunity for me to take part as presenter in one of the seminars presenting my paper entitled “Exploring the Public Procurement Market for Pharmaceuticals in Africa: Trends and Opportunities.” The pharmaceutical industry, which mainly embraces research, development, production, and distribution of medications, registered 1.48 trillion US dollars in 2022 and showing significant growth worldwide.
Africa’s Pharmaceutical market, which has now reached between 40 and 60 billion USD, is expected to surpass 70 billion USD by 2030 mainly driven by continued economic growth, population expansion, and increased health care spending. A look in to the share of countries in Africa reveals that 10 countries represent 70% of the pharm market with South Africa taking the lion's share followed by Egypt and Nigeria. Grouped with the 10 countries, Ethiopia’s pharmaceutical market is also valued at over 1.5 billion USD (Ministry of Health, 2024).
Thus the public procurement market for pharmaceuticals in Africa remains to be significant pushed by unmet demand, the structural nature of the industry, Implementation of AfCFTA, growing avenues for research and testing with in the continent, and the growing need for API.
In the event from August 27-29/2024, Seoul also encrypted its polite and hospitable people and well-developed city infrastructure with in the minds of visitors and exhibitors who came from all corners of the globe to wish ahead their coming again.
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#UNIDO ITPO Korea
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