What will be the Future of Pharma Industry in 2023?

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Image source: Fierce Pharma

This is a question that many in the profession are asking as they look to the future. It is difficult to make predictions about the future, especially when it comes to industries that are constantly evolving.

Looking back at the Nigerian pharmaceutical industry over the past few years, it is clear that it has undergone a period of significant growth and transformation. This growth is being driven by a number of factors, including an increase in the number of people living with chronic diseases and a shortage of qualified healthcare workers.

Increase in number of Nigerians living with chronic diseases:

According to data from the World Health Organisation, the number of people living with chronic diseases is increasing rapidly in Nigeria. In 2015, it was estimated that nearly half of all Nigerians (47.5%) had at least one chronic disease. This number is expected to rise to over 60% by 2030. The most common chronic diseases in Nigeria are hypertension, diabetes, and stroke.

These diseases put a strain on the already overburdened healthcare system and can lead to serious health complications, disability, and even death. This increased demand for medication is a major driver of growth in the pharmaceutical industry.

Shortage of qualified healthcare workers in Nigeria:

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The shortage of healthcare workers is not only a problem in Nigeria, but it is a global challenge. Recent report from the WHO shows there is a global shortage of over 7 million healthcare workers. This shortage is expected to grow to over 12 million by 2035. The Pharmaceutical industry is one of the few industries that is expected to grow in the face of this shortage.

The growth of the pharmacy industry in Nigeria is a direct result of the shortage of qualified healthcare workers. One study conducted by the Nigerian Academy of Pharmacy and published in the journal,  Pharmacy Education and Research showed that for every 19,000 people, there is only one pharmacist. This data indicates a huge demand for pharmacy services in the country. This demand is only expected to grow as the population of Nigeria continues to increase .

Despite these constraints, the Nigerian Pharmaceutical industry is expected to grow significantly in the next decade. By 2023, the industry is estimated to be worth $9.4 billion. This is based on data from the U.S. Census Bureau and the National Association of Chain Drug Stores. This growth will provide new opportunities for pharmacy entrepreneurs and create new jobs for qualified healthcare workers.

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Trends likely to shape the Pharmaceutical industry in 2023:

Looking ahead, the industry is expected to continue to grow at a rapid pace, with the number of pharmacies expected to increase in 2023. This industry has seen a lot of changes in the last few years and this is set to continue in the future.

Here are some of the trends that are likely to shape the industry in the next few years:

Growth of online pharmacy:

This is a trend that is already well underway, and it is only going to become more prevalent in the years to come. Online pharmacies offer a number of advantages over traditional brick-and-mortar pharmacies. They are often able to offer lower prices, and they are more convenient and cheaper for patients. In addition, online pharmacies can reach a much wider audience than traditional pharmacies.

Online pharmacies will only need to ensure they are compliant with all regulations in order to continue to operate.

Continued growth of generic drug market:

Generic drugs are typically much cheaper than branded drugs, and they are becoming increasingly popular with patients. This trend is likely to continue, as more and more patients look to save money on their prescription medications.

Increasing use of technology in pharmacy:

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Pharmacists are increasingly using technology to automate tasks and to improve patient care. Pharmacies are turning to technology to help them provide a better experience for their customers. This includes the use of online booking systems, automated dispensing machines, and digital displays. This trend is likely to continue, as technology becomes more and more commonplace in healthcare.

Focus on preventive care:

There is a growing awareness of the importance of preventive care. This means that people are increasingly looking to pharmacy services to help them stay healthy. This trend is being driven by factors such as the rising cost of healthcare, the aging population, and the increasing prevalence of chronic diseases.

Consolidation:

Another trend that is likely to continue is the consolidation of the pharmaceutical industry. This is because large pharmacy chains can offer more competitive prices and a wider range of products and services. This will be especially true in Nigeria, where the demand for pharmaceutical products is expected to continue to grow.

These are just a few of the trends that are likely to shape the Pharmaceutical industry in 2023. The profession is changing, and it is important for pharmacists to stay up-to-date on the latest trends.

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