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news.Emerging World Pharma, an investor in generic based pharmaceutical companies manufacturing within developing nations, has provided an initial investment into a private generic pharmaceutical company located in West Africa.
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Comprising almost a third of the whole continent, West Africa is a region with a population of approximately 250 million. Imports of finished products account for over 60% of the African pharma industry.
According to IMS forecast, Nigeria’s pharma business is worth $2.5bn serving 150 million Nigerians. The pharma market in West Africa has been growing 5% – 7% annually with over 200 active manufacturers of pharmaceuticals in West Africa, there are great opportunities for investment and development.
The investment would entitle Emerging World Pharma a percentage of profits obtained from an exclusive marketing and distribution agreement of generic pharmaceuticals. In addition the company has negotiated an option that would considerably increase the percentage of returns on profit with ongoing investments.
The drugs manufactured will be marketed and sold for private and public sale and use throughout West Africa.
Brandon Keks, president of Emerging World Pharma, said: “This preliminary agreement sets the ground work for what we expect to be a long term business relationship in this generic pharmaceutical sector. The potential for continued growth in this market of West Africa is staggering.”