IFC See Sub-Sahara Africa Health Sector At $35 Bln By 2016
The healthcare industry is set for huge growth, particularly in Africa, as Sub-Saharan Africa’s healthcare market (including Nigeria) is estimated to hit $35 billion by 2016, according to the International Finance Corporation (IFC) an arm of the World Bank Group report.
In a just released report titled “The Business of Health in Africa” the IFC says that the growth will increasingly result in massive opportunities for people involved in the healthcare industry and that demand in hospital equipment, medical devices and pharmaceuticals is stepping up.
They add that this will result in better quality health services and improved access to medi-care across the region.
According to the report “Health care provision accounts for half the investment opportunity, with the remainder split across distribution and retail, pharmaceutical and medical product manufacturing, insurance and medical education.
These investments will fund capacity expansion, new businesses and renovation of existing assets.
“About half of these investments are expected to be made by for-profit entities, the remaining portion of private sector being equally spread between social enterprises and non-governmental organizations (NGOs). The vast majority of the investment opportunities in the near term will be the SME sector. Only a quarter of the opportunities are expected to have a project size larger than $3million. Ultimately, the vigor of the private health sector in Sub-Saharan Africa will rely on the commitment, creativity, and integrity of the people of Africa.”
According to the World Health Organization (WHO) Africa’s Sub-Saharan region alone accounts for 11 percent of the world’s population yet bears 24 percent of global disease burden and commands less than one percent of global health expenditure.
Written by Alexander Chiejina | Read more at BusinessDay