Emerging Pharmaceutical Market In South Africa - Proposed Introduction Of New Drug Regulatory Agency (SAHPRA) To Accelerate Drug Registration Process
NEW YORK, Feb. 7, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Emerging Pharmaceutical Market in South Africa - Proposed Introduction of New Drug Regulatory Agency (SAHPRA) to Accelerate Drug Registration ProcessSummary
GBI Research's new report, "Emerging Pharmaceutical Market in South Africa - Proposed Introduction of New Drug Regulatory Agency (SAHPRA) to Accelerate Drug Registration Process" provides in-depth analysis of the trends, issues and challenges in South Africa's pharmaceutical market. The report analyzes the overall pharmaceutical and outsourcing market structure, and provides competitive benchmarking for leading companies. It also analyzes the M&A and strategic partnerships that are shaping the pharmaceutical market. The report is built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GBI Research's team of industry experts.South Africa's pharmaceutical market is one of the most attractive markets in Africa. Some of the main reasons for its rapid growth are the availability of cost-effective and skilled labor, high quality infrastructure, and the introduction of the South African Health Products Regulatory Authority (SAHPRA). Most of the local drug manufacturers and distributors are in the hands of big international pharmaceutical firms. GBI Research valued the South African pharmaceutical market at $3.8 billion in 2011, and expects it to reach $7 billion in 2018 at a Compound Annual Growth Rate (CAGR) of 9.2%. South Africa's healthcare sector is set to witness a number of new healthcare reform plans in the future, with the primary objective being to reduce the growing drug expenditure by increasing the use of generics. The healthcare system aims to cover the entire population under the National Health Insurance (NHI) scheme, which it will start implementing in a small population of 10 districts by 2012. GBI Research's analysis shows that generics accounted for over 60% of the volume of the pharmaceutical market in 2011. Government reforms have encouraged the manufacture and use of generic drugs as a tool to limit drug expenditure and provide low-cost effective public healthcare. The combination of government healthcare policies and numerous active generic manufacturing companies points to an increased generic market share in the forecast period.
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