Zimbabwe Pharmaceutical Market Size

Zimbabwe Pharmaceutical Market Analysis

The Zimbabwe pharmaceutical market is expected to register a CAGR of 4.3% over the forecast period.

The COVID-19 impact on the pharmaceutical industry in Zimbabwe was significant. The industry saw an increased demand for therapeutics to treat COVID-19-infected patients, which further led to an increase in the large-scale manufacturing of pharmaceutical products in the country. As the supply chain between the other regions of the world and Zimbabwe was disrupted due to lockdown measures, the local manufacturers played a critical role during the COVID-19 pandemic. For instance, according to a research article published in the Journal of Public Health International in May 2021, the disruption of medical supplies such as pharmaceuticals during the pandemic provided a great opportunity for Zimbabwe to be less dependent on foreign medical supplies, thereby increasing the local manufacturing of therapeutics. However, post-pandemic, the sector has been recovering well since supply chain restrictions were lifted. An increase in the supply of medication from global manufacturers and a rise in initiatives from the key market players, among others, have been leading the market recovery. Moreover, the Zimbabwean Ministry of Health and Child Care (MOHCC) took measures to strengthen the country's ability to produce medical supplies through various organizations such as Varichem, CAPS, Natpharma, and Avail Pharmaceuticals during the pandemic and is expected to impact the market's growth in post-pandemic phase. Thus, as per the analysis, the abovementioned factors significantly affected the market's growth.

With an ageing population and rising rates of chronic disease, Zimbabwe's pharmaceutical sector is poised for expansion. According to the United Nations Population Fund report for 2022, the population aged 65 years and older in Zimbabwe was estimated at 3 million in 2022. The senior population is more likely to suffer from chronic conditions like cardiovascular disease, cancer, and gastrointestinal disorders, hence this demographic shift is predicted to boost the need for drugs in Zimbabwe.

Furthermore, in June 2021, the Zimbabwean government launched the 2021-2025 Pharmaceutical Manufacturing Strategy to improve the local production of drugs, thereby increasing the availability of the country's essential medicines and exporting excess drugs. In addition, in March 2021, the Republic of Zimbabwe became the 19th African Union (AU) Member State to sign the Treaty to establish the African Medicines Agency (AMA). This move may enable a favorable regulatory environment for pharmaceutical research and development, local production, and trade across countries on the African continent. Likewise, in April 2022, the University at Buffalo and the University of Zimbabwe entered a partnership to train future HIV researchers in Zimbabwe and received a USD 1.4 million grant from the National Institutes of Health (NIH). Such initiatives are expected to drive market growth over the forecast period.

Therefore, the demand for effective and novel therapeutics is expected to grow in the coming years. Thus, the abovementioned factors are anticipated to aid the market's growth over the forecast period. However, the stringent regulatory framework is expected to restrain the growth.