Boston, MA -- (SBWire) -- 10/03/2013 --This quarter has seen the ongoing challenges to the business environment in Zimbabwe, and the effect on local drugmakers, acknowledged by the country's Health Minister, Henry Madzorera. He urged Indian pharmaceutical firms who supply generic medicines to the country to produce these medicines locally. Although a positive sign for the domestic market, high import duties, poor local production facilities and utilities and government encouragement of finished drug imports will continue to be detrimental to local manufacturers.
Headline Expenditure Projections
- Pharmaceuticals: US$203mn in 2012 to US$225mn in 2013; +10.9% in local currency and US dollar terms. Forecast largely in line with Q313.
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Risk/Reward Rating
In BMI's Pharmaceutical Risk/Reward Rating (RRR) table for Q413, Zimbabwe maintains its Q313 position as 28th out of the 30 markets surveyed in the Middle East and Africa (MEA) region. Zimbabwe will remain one of the least-attractive pharmaceutical and healthcare markets regionally and globally, on account of the elevated political, economic and social risks, as well as the lack of finances for adequate healthcare provision and capacity utilisation.
Key Trends And Developments
June 2013
US vaccine company Immune Response BioPharma (IRBP) notified the Medicines Control Authority of Zimbabwe (MCAZ) that it will seek emergency approval of Remune (HIV-1 immunogen) in the country. The company aims to stockpile and manufacture the HIV/AIDS vaccine once it has secured a corporate partner in the region.
Zimbabwe's pharmaceutical manufacturers expressed their concern over unfair trade policies imposed by South Africa and a duty regime by the Zimbabwean government that is giving South African products an advantage in the local market. Pharmaceutical exports to South Africa from Zimbabwe have to be airlifted whereas South African products to Zimbabwe can be exported via roadways. This is increasing the cost burden on Zimbabwe manufacturers, reducing their profits and making them uncompetitive, according to an official from the Confederation of Zimbabwe Industries (CZI).
May 2013
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Report Published: "Zimbabwe Pharmaceuticals & Healthcare Report Q4 2013"
Recently published research from Business Monitor International, "Zimbabwe Pharmaceuticals & Healthcare Report Q4 2013", is now available at Fast Market Research