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As Namibians slowly return to their pre-pandemic lifestyles, the absence of Covid-19 lockdown measures and an increasing vaccination rate have increased consumer confidence.
The Namibian Competition Commission’s investigations into how much medicine costs in the country show that there is more and more regulation of the local pharmaceutical industry.
Since Namibia will continue to be a risky market for retailers and drugmakers due to ambiguous industry regulations, this will likely contribute to the country’s growing negative trade balance.
The Namibia pharmaceutical market is being driven by rising urbanisation, increased healthcare capacity, and favourable business conditions.In order for early adopters to gain a competitive advantage, they need to concentrate on small areas of growth, where a lot of opportunities exist.
As global pharmaceutical companies need local business partners like manufacturers, packaging companies, and distributors in order to help them navigate the continent’s many markets, with their widely varying consumer preferences, price points, and manufacturing and distribution infrastructures, the “to win strategies” are addressing supply and distribution challenges, strengthening teams, and forging partnerships.
The Namibia Pharmaceutical Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The Namibian pharmaceutical manufacturer Fabupharm Products stated that they will be introducing new products to the market throughout the course of the year.
The Suplimax Charcoal Capsules, Suplimax Joint Pain Relief, Suplimax Fibrelle Capsules, the Ideal for Baby range, and the FabupharmPlus cream range will be among the new products that will be introduced to the market.
The products are 100% locally pharmaceutical manufactured, and Fabupharm’s revenue grew in the last financial year, due to investment in the manufacturing plant, and the number of employees has since grown.
The High Performance Liquid Chromatograph, an essential piece of laboratory equipment, will be the primary focus of Fabupharm’s investment in new and upgraded equipment.The heat, ventilation, and air handling system, as well as the bottling and water purification plants, will also be upgraded and expanded.
Fabupharm distributes its products to retailers such as Shoprite, Checkers, Pick n Pay, and Woermann & Brockand also sell to all private pharmacies, pharmaceutical wholesalers, and informal markets such as Cuca shops, and sadly entities such as Clicks, JetMart, Edgars.