The animal pharmaceuticals and medical care market in Africa has been seen on the incline in recent years, mainly driven by the increase in demand for livestock products. With this demand comes the need to prevent and control animal spread diseases. But with this being a diverse and complex industry, having the right partner to assist you in navigating this developing market is vital to the success of any investor or stakeholder.
Africa is home to over 1 billion people (Worldometer) and nearly 1 billion livestock animals, making it a key environment for animal products and medication to flourish. The majority of these animals are used for local subsistence farming and play a vital role in the economy and livelihoods of many farmers and families. With the growing population of the continent and surrounding countries, the demand for animal products such as milk, meat and eggs is expected to sky rocket particularly due to urbanization and the change of dietary requirements.
Importance of Animal Pharmaceuticals in Africa:
Although this market is set to boom and take off in years to come, investors and farmers must turn their attention to animal health challenges. These span from diseases, parasites and infections which can have a devasting impact on the livestock production and health. The health of these animals must not be overlooked as their lives run parallel to the regional economy and food security. In an effort to minimize the casualties of these factors, the animal pharmaceutical market has been seen to expand, providing farmers and local livestock owners with effective and affordable solutions to prevent and restrict animal diseases.
The animal pharmaceuticals market in Africa is diverse in nature and is made up of both multinational and local companies offering a host of products including:
- Vaccines
- Antibiotics
- Parasiticides
- Nutritional supplements
This animal medical market is monitored by the Regulatory Authority of South Africa (SAHPRA) which is responsible for the monitoring of health products intended for both human and animal use. With their responsibilities consisting of the distribution of medicines and conduct of clinical trials, it is important that this authority is adhered. This national authority therefore takes seriously their national authority to hold industry fair and in line with stipulated regulation. Some of these challenges include:
- Weak regulatory systems
- Inadequate infrastructure
- Limited access to finance
- Shortage of skilled personnel.
Growth of Animal Pharmaceuticals:
Despite these challenges, animal pharmaceuticals in Africa still manage to offer significant and attractive opportunities for investors and stakeholders. With the demand for animal health products being spurred by the growth of the livestock industry, a booming market of activity is set to thrive, appealing to both producers and consumers. Furthermore, the increasing awareness of animal health and welfare among consumers and policymaker acts as a springboard for smart thinking companies to propel their brand ahead of competitors. By ensuring that a brand appeals to the needs of the market, as well as offering further benefits, companies are able to build up their brand loyalty and slowly see the lucrative return.
To tap into this market, companies and entrepreneurs will need to work in new and dynamic environments and have a strong sense of flexibility to meet the following:
- The development of innovative and affordable products which are effective in the African landscape.
- Building of strong partnerships with local stakeholders, foreign investors, new tech-based companies and ambitious entrepreneurs to turn investment in capacity building and infrastructure.
- The use of technology such as mobile applications, mobile web space meetings and e-commerce platforms to improve access to the animal health products market and the products themselves. Online consulting of experts or veterinarians can also assist in providing services in remote areas.
The Animal Medical care Market:
Like many budding industries in Africa, the animal pharmaceutical market is dynamic, growing and fluid, allowing for many new opportunities and niche industries to access and seize. With this however, comes the challenges of navigating a newer industry as an investor and stakeholder. This market is essential to support the livestock industry in Africa and to assist in the assurance of food security in the region. The effects of investment into this industry flows further into the promotion of economic development socioeconomic improvement. Companies, both international and local are able to navigate the challenges faced through lack of infrastructure and heavy regulation and find a way to succeed to in this unique market.
Through new, innovative and affordable solutions to animal health, this industry can be seen to improve the life of all those involved from the investor, the worker and the livestock.
InterGest South Africa offers a wide array of services to assist companies in establishing business activities in Africa. Our informed team boast a wide range of knowledge spanning many industries which aids our holistic approach to accounting, employer of record, payroll and banking services.
For more information on how we work, or on why Africa is a promising business decision for companies, visit our website:
SOURCES:
https://www.worldometers.info/world-population/africa-population/Bottom of Form
