Africa’s pharmaceutical market fastest growing globally with estimate of $60bn by 2020 –UNIDO

By Meleltus EZE 

The United Nations Industrial Development Organisation (UNIDO) says Africa’s pharmaceutical market is one of the fastest growing in the world, estimated $60 billion by the end of 2020.

The UNIDO’s Regional Director in Nigeria, Mr Jean Bakole, disclosed this at event to mark 2018 African Industrialisation Day and Nigeria Quality Award Day in Abuja on Tuesday.

The event was organised by United Nations Industrial Development Organisation (UNIDO) in collaboration with the Ministry of Industry, Trade and Investment.

The theme of this year’s Day is “promoting Regional Value Chains in Africa: A pathway for accelerating Africa’s structural transformation, Industrialisation and Pharmaceutical production”

Bakole said that a strong pharmaceutical industry in Africa, with high quality standard that could cater for its citizens’ needs, would undoubtedly, contribute to sustainable development and improved public health.

He explained that a regional perspective would create effective policies and sufficiently large markets that would make local production on the continent to become sustainable.

“We, in this respect, reaffirm our commitment to the development of the African Pharmaceutical sector.

“We also note with appreciation that the Africa Union Commission and its partners have made progress towards improving the regulation of the pharmaceutical industry in accordance with the African Pharmaceutical Manufacturing Plan for Africa.

“We also note that the African Industrialisation Day 2018, represents an important occasion to raise awareness on the importance of a concerted pragramatic approach to the promotion of rapid and inclusive industrialisation on the continent,” he said.

The regional director expressed hope that the event would enhance consciousness and understanding of the opportunities and challenges associated with the industrialisation drive on the continent.

 

 

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