NEW YORK, Feb. 4, 2016 /PRNewswire/ -- This study offers an insight into the pharmaceutical industry of Ethiopia, where preference for generic, prescription drugs is growing. There is information on recent reforms introduced by the government (like tax benefits for in-country production, national strategy, and plan of action for pharmaceutical manufacturing development, growth and transformation plan, and so on), key participants in the market, population and disease statistics, and so on. The study also describes the opportunities and constraints in the market and revenue forecasts for the total market from 2011–2020. Primary research interviews with industry stakeholders and secondary research through in-house Frost & Sullivan database and news reports were undertaken.
The Government of Ethiopia is encouraging the growth of the healthcare and pharmaceutical industry through a number of initiatives.
-The First Growth and Transformation Plan (GTP-I) has successfully enhanced the healthcare environment with increased facilities, better access to services, and improvement in health indicators.
-Owing to the success of GTP-I, GTP-II is being implemented to further increase the access of health services across the nation.
-There is an evident growth in the share of generic medication, with increased production by manufacturing plants in Ethiopia and supply from foreign manufacturers. This increase in share has resulted from high demand (owing to the escalating population and increase in incidences of noncommunicable diseases), as well as the low cost of generic medicines that works in the favour of this price-oriented market.
-The government has also collaborated with the World Health Organization (WHO) and launched the National Strategy and Plan of Action for Pharmaceutical Manufacturing Development in Ethiopia. This plan is expected to increase pharmaceutical production in the country, improve medicine quality, and strengthen the national medicine regulatory system.
-There is a plethora of Ethiopian and non-Ethiopian pharmaceutical companies offering generic and branded medication. Local manufacturers have approximately % market share but their share is expected to increase with the implementation of upcoming reforms in the industry,
-The government offers tax incentives (income tax exemptions and tax-free loans) to those manufacturers who intend to set up or revamp existing production facilities in the country.
-Between 2014 and 2020, the pharmaceutical industry of Ethiopia is expected to grow at a CAGR of approximately % and reach market size of approximately $ billion by 2020.
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