LAGOS, NIGERIA - The African biopharmaceutical market is the fastest-growing in the world1 and will have an estimated net worth of US$70 billion by 2030. Africa’s allure is rapid growth, not market size, and this is good news for big pharma brands2 keen on increasing their market shares in the second-largest continent’s skyrocketing biopharmaceutical terrain.
Not only that, this opens a window of opportunity for swift biopharmaceutical movers with the right strategy to hone a competitive edge. Despite having the greatest genetic diversity of any other racial-ethnic groups,3 Africans are under-represented on the clinical trial map.4 Africa contributes less than 20 percent to all clinical trials conducted globally. This is a problem because countries and biopharma companies need evidence from clinical trials to develop drugs and treatments. If Africa’s clinical trial rate is so low, how can the clinical interventions developed for its citizens be trusted?
The reason pharmaceutical brands producing medications for Africa rarely carry out clinical trials5 in Africa has sparked massive debates online among media outlets and pro-Africa research scientists.6 Yet, the continent provides significant opportunities for biotech and pharma companies seeking a diverse participant populatiThe content herein is subject to copyright by The Yuan. All rights reserved. The content of the services is owned or licensed to The Yuan. Such content from The Yuan may be shared and reprinted but must clearly identify The Yuan as its original source. Content from a third-party copyright holder identified in the copyright notice contained in such third party’s content appearing in The Yuan must likewise be clearly labeled as such.