Africa’s pharma industry will double by 2020, says new report

Africa’s pharmaceutical industry jumped to $20.8 billion in 2013, up from just $4.7 billion a decade earlier, according to a new report from McKinsey & Company.

That growth is continuing at a rapid pace and report authors Tania Holt, Mehdi Lahrichi and Jorge Santos da Silva predict the market will be worth $40 billion to $65 billion by 2020. As developed markets stagnate, the authors conclude that the continent will be a good place for pharma companies seeking new sources of growth.

What’s driving growth