Export markets might drive the development of Kenya’s pharmaceutical market, states a report launched on Wednesday by the International Finance Corporation, an economic sector arm of the World Bank.
According to the Pharmaceutical Sector Diagnostic Report, 2020, the possible target audience for regional exports of pharmaceutical items consist of the Common Market for Eastern and Southern Africa (COMESA), the East African Community, and the rest of Africa, where the overall market is valued at 1.49 trillion shillings (13.6 billion U.S. dollars).
“Kenya is currently only able to export an average of 63 million dollars worth of products to these regional markets. A five percent increase in Kenya’s share of this total African market would translate to exports worth 678 million dollars,” states the report.
The study suggests that Kenya has competitive rewards for the pharmaceutical sector and an excellent score on the Ease of Doing Business index.
The findings reveal that Kenyan makers offer less of their items in your area and export more than business in other nations.
The analysis suggests that although labor force expenses in Kenya are lower, regional companies due to absence of capability count on migrants, which leads to increased labor force costs.
Rashid Aman, primary administrative secretary, ministry of health stated that the launch of the report comes at a suitable time when there are major international interruptions in the supply chain of important health items and innovations as an outcome of the impacts of the COVID-19 pandemic.
Aman kept in mind that for Kenya to be able to attain sustainability in accessing important health items and innovations by her people, it needs to reinforce the regional pharmaceutical production. Enditem