The post-COVID-19 economic recovery means that there are huge opportunities for increased business partnerships in South Africa. For example, Aspen Pharmacare and multinational pharmaceutical companies will continue to strengthen their position in South Africa, according to a report by Fitch Solutions.
Aspen Pharmaceutical, headquartered in Durban, has signed an agreement to package and sell Johnson & Johnson’s COVID-19 vaccine in Africa. Aspen is focused on improving the health of patients around the world through its high quality, affordable medicines. With more than two decades in the pharmaceutical industry, Aspen has improved patient health in more than 150 countries.
The Fitch Solutions Report further states that foreign pharmaceutical companies will continue to look to South African companies for partnerships as a launch pad to enter sub-Saharan Africa. “The company has a long-term co-marketing agreement with Novartis South Africa, while it also has a right of use for intellectual property and a mutual cooperation agreement for South Africa. with Generics (UK) and Merck Generics RSA, two subsidiaries of Merck based in Germany.
Aspen is Africa’s largest pharmaceutical manufacturer and a leading supplier of branded generic pharmaceuticals, healthcare and nutritional products. What this means for the country, according to Fitch Solutions, is that the local pharmaceutical market would experience strong growth, supported by the growing presence of multinational companies, predicting the market to reach R172.7 billion by 2031.
“We anticipate an accelerating trend in market growth, with the prescription drug market continuing to dominate pharmaceutical spending over our forecast period,” the report said.
The South African pharmaceutical market will therefore experience strong growth in the coming years, supported by the growing presence of multinational companies. The report forecasts the market to grow at a CAGR of 8.3% in local currency and 5.4% in US dollars over the next ten years, reaching ZAR 172.7 billion (USD 8.9 billion). ) by 2031.
Aspen packages nearly 300 million doses a year of J&J’s COVID-19 vaccine in South Africa. This confirms South Africa’s capabilities to be of a global standard, particularly after the discovery and detection of the variant now known as Omicron.
As President Ramaphosa recently said during his State of the Nation address, “our best defense against COVID-19 remains to choose vaccination.” He added that:
The more we vaccinate, the safer we will be.
- Global experience has shown that vaccinated people are 99% guaranteed to survive COVID-19.
- Evidence has also shown that those who do NOT get vaccinated are ten times more likely to die if they contract the virus.
- By vaccinating, we not only reduce the risk of serious illness, hospitalization and death, but also the risk of future deadly variants.
- Vaccines help your immune system fight infections faster and more effectively.
For the full report, click, Fitch Solutions Report Here