The problem of counterfeit medications is spreading across the globe, a new report claims.
But while growth consulting company Frost & Sullivan said the issue is particularly affecting sub-Saharan Africa, it claims companies should still look to target the market.
The region has high levels of poverty and price sensitivity, but also a growing population increasingly able to pay for better healthcare services and pharmaceutical products, it added.
The market for infectious disease drugs in sub-Saharan countries was worth $403.2m in 2006, and Frost & Sullivan estimates that this will rise to $691.4m in 2012.
Research analyst Tiwonge Mkandawire said: “The infectious disease pharmaceuticals markets in Nigeria, Kenya and Tanzania are in a growth stage.
“This is a result not only of government expansion of treatment programmes, but also a general increase in demand due to improving economic conditions.”
But he warned: “Counterfeit pharmaceuticals pose considerable competition to legal products.
“Despite efforts by relevant drug regulatory authorities to control them, counterfeit products still constitute a challenge. In some cases, the value of these illegal drug markets is as much as that of the legal markets.”
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