Zimbabwe Pharmaceutical Market is projected to reach USD 341.72 million by 2030

The Zimbabwe Pharmaceutical Market Size Was Valued At USD 244 Million In 2022 And Is Projected To Reach USD 341.72 Million By 2030, Registering A CAGR Of 4.3% From 2023 To 2030.

Market Overview:

Pharmaceutical products, also known as medicines or drugs, are specialized preparations used in both modern and traditional treatment. They are critical for illness prevention and treatment, as well as public health protection.

The use of ineffective, low-quality, or toxic pharmaceuticals can result in therapeutic failure, disease exacerbation, drug resistance, and, in some cases, death. It also reduces trust in healthcare systems, healthcare practitioners, pharmaceutical makers, and distributors.

Thus, to prevent the circulation of counterfeit products in the market, stringent regulations are required.

Top Key Players for the Zimbabwe Pharmaceutical Market:

Bayer AG, CAPS Pharmaceuticals, Pfizer Inc, Plus Five Pharmaceuticals, ZimPharm Graniteside, Pharmanova, Gulf Drug, Datlabs, GlaxoSmithKline PLC, Icon Pharmaceuticals, Varichem, Seasons Pharmaceuticals, Graniteside Chemicals (Pvt) Ltd, Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Zimbabwe Pharmaceutical Market:

Drivers:

Growing Prevalence of HIV And Other Viral Diseases

Zimbabwe has a widespread HIV epidemic, with 1.27 million people living with HIV (PLHIV), including 1.19 million adults and 69,972 children.

In 2020, an estimated 1.27 million people were living with HIV, with 5.53 % of them being children aged 0-14.

60.6% of HIV-positive adults aged 15 and above were female. Annual all-cause deaths among PLHIV have decreased over the last decade, with approximately 28,201 all-cause deaths expected in 2020, down from 127,871 in 2003.

Total new HIV infections in Zimbabwe have decreased from 98,668 in 2003 to 24,524 in 2020. ART coverage among all HIV-positive adults was 92% for adult men and 93% for adult women by the end of 2020.

Children's coverage was slightly lower, at 66%.

Opportunities:

Government Initiatives to Support the Local Pharmaceutical Production

In terms of meeting drug and export requirements, the Zimbabwe Pharmaceutical Industry has proven to be strategic. The sector has thus been prioritized for resuscitation in the National Development Strategy 1 (2021-2025), Zimbabwe National Industrial Policy (2019 - 2023), and the Local Content Strategy to strengthen the local production of essential medicines.

Zimbabwe's pharmaceutical industry is made up of nine pharmaceutical companies: CAPS Pharmaceuticals, Varichem Pharmaceuticals, Pharmanova, Datlabs, Plus Five Pharmaceuticals, ZimPharm Graniteside, and Gulf Drug, manufactures human medicines, while Ecomed manufactures veterinary products. These companies account only for 12% of the total medicines consumed as they mostly manufacture generic medicines.

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Segmentation Analysis of the Zimbabwe Pharmaceutical Market:

By Drug Type, the prescription drug segment is anticipated to dominate throughout the forecasted period. The prevalence of Malaria, HIV, Tuberculosis, and Human Papilloma Virus (HOV) are some of the major diseases that have contributed to the growth of prescription drugs in the country.

According to WHO, it was estimated that 29,000 people were diagnosed with TB in 2020, and about 2,100 of these succumbed to the disease.

By Therapeutic Category, the antiviral segment is estimated to lead the growth of the Zimbabwe pharmaceutical market during the analysis period. Antivirals are medications that help fight off certain viruses that can cause disease.

Antivirals are preventive as well as treatment drugs. The growing prevalence of HIV, malaria, and respiratory infections has raised the demand for antiviral drugs.       

By Drug Type

• Prescription Drugs
• OTC Drugs

By Therapeutic Category

• Cardiovascular Disorders
• Anti-viral
• Respiratory Diseases
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Key Industry Development:

In February 2021, Pfizer and the IDA Foundation announced a collaboration to deliver equitable access to effective cancer therapies in nearly 70 developing countries across Latin America, Asia, Africa, and the Western Pacific area. Due to the supply agreement, millions more patients will be able to obtain new chemotherapy medications for a variety of cancers.

In December 2021, ViiV Healthcare, the global specialist HIV company majority-owned by GlaxoSmithKline plc (GSK), with Pfizer Inc. (Pfizer) and Shionogi Limited (Shionogi) as shareholders, announced that Apretude, the first and only long-acting injectable pre-exposure prophylaxis (PrEP) option to reduce the risk of sexually acquired HIV-1, has been approved by the US Food and Drug Administration (FDA).

This drug will be available to patients in Zimbabwe.

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