Boston, MA -- (SBWIRE) -- 06/10/2014 -- The growing Kenyan population will support the growth of the country's pharmaceuticals and healthcare industry. While fertility rates have dropped over the last decade, from 5.0 births per woman in 2003 to 4.4 births per woman in 2013, we note that these figures are well above developed state fertility rates. In 2009, the EU-27 average stood at 1.59 live births per woman. However, we note that the country's young population will act as a limiting factor for pharmaceutical demand, presenting a challenge to drugmakers. In 2013, the median age of the population was 18.8 years and by 2050 this will increase marginally to 25.5 years.
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Headline Expenditure Projections
- Pharmaceuticals: KES55.29bn (USD642mn) in 2013 to KES64.32bn (USD742mn) in 2014; 16.3% growth in local currency terms and 15.6% in US dollar terms.
- Healthcare: KES178.67bn (USD2.07bn) in 2013 to KES205.30bn (USD2.37bn) in 2014; 14.9% growth in local currency terms and 14.2% in US dollar terms.
In BMI's Q314 Pharmaceutical and Healthcare Risk/Reward Ratings (RRRs), Kenya is 20th in the Middle East and Africa (MEA). A large counterfeiting industry, poor healthcare funding, corruption, regulatory deficiencies and a number of other issues will conspire to keep Kenya in a low position in the MEA matrix. Nevertheless, in comparison with many other African markets, most of which are not surveyed by BMI, Kenya offers more commercial promise and a more stable overall business environment.
Key Trends And Developments
Expanding its portfolio of innovative non-voice services, in April 2014 it was reported that Kenya's largest telecoms operator Safaricom has partnered insurance companies Britam and Changamka to launch a health insurance product in the country, specifically targeting the micro-insurance sector. Changamka provides financing mechanisms to deliver affordable healthcare to Kenya's low income population using primarily mobile phone and smart card technologies.
In January 2014 it was reported that the US Agency for International Development (USAID) and GE Healthcare are to partner with Kenya Commercial Bank (KCB), to make KES863mn (USD10mn) in local financing available to small- and medium-sized enterprises for the development of private health facilities, including small clinics, diagnostic centres, and hospitals in Kenya. Since 1896, KCB Bank Group has grown to become the region's largest banking institution with assets of over KES370bn (USD4.5bn), a market capitalisation of over USD1bn and a broad regional network in six Eastern Africa countries.
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