Mals musings: Pharma ignoring Africa is a risk too big to take
A mention of the word Africa creates visible discomfort among most pharma executives.
By on Sep 2, 2010A mention of the word Africa creates visible discomfort among most pharma executives.
The continent is a paradoximmense demand matched by an unfavorable business environment.
The opportunity to score an own goal is rarely higher.
Issues with the supply of AIDS drugs, baby food scandals, and alleged clinical trial mishaps are examples of the difficulty this terrain presents.
Is there an opportunity for pharmaceutical organizations in Africa? I think so!
Furthermore, I think ignoring Africa might be a risk too big to take.
Every health indicator and statistic makes the continent look like a golden opportunity.
Prevalence of illnesses from cardiovascular complications to diabetes to AIDS is confirmation of demand, as is a vastly growing population starting to show financial growth.
The private market is growing as the middle class has enjoyed a healthy growth in numbers.
All this but we have yet to touch on some basic healthcare standards and unresolved issues, like Sickle cell, that are unique to the continent.
The opportunity is clear. So why are we shy about engaging with Africa?
Corruption, poor infrastructure, and the lack of a business-friendly environment currently make the continent a terrain only for the brave.
Africa represents an ethical dilemma for the sector.
How do we justify seeing so many children die due to the absence of relatively cheap and widely available drugs?
This has led to a significant charitable activity from pharma companies as they answer critics who question their ethical code.
Thus far, this has been welcome relief for Africa.
But it is time to rethink our engagement with the continent.
Issues with counterfeit products have grown largely due to the inaccessibility of genuine products.
If the industry tackled Africa as one, we can reverse this trend and deliver benefits to a wider audience beyond Africa.
Involvement with Africa should be deemed an investment that will bear fruit in the future.
What better way to demonstrate social responsibility than to engage with this most difficult but most needy terrain. (For more on pharma ad social responsibility, see Its time for pharma to get serious about CSR.)
The rewards will be huge for those who can spot the opportunity in African healthcare market.