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Ophthalmic Pharmaceuticals Enjoy Good Potential in South Africa - With a substantial number of established companies participating in this sector, the South African ophthalmic pharmaceuticals market is in a growth stage
Ophthalmic Pharmaceuticals Enjoy Good Potential in South Africa

 

NewswireToday - /newswire/ - Cape Town, South Africa, 2008/07/21 - With a substantial number of established companies participating in this sector, the South African ophthalmic pharmaceuticals market is in a growth stage.

   
 
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However, the limited number of suitably qualified professionals in the country and inadequate financial resources available to households may dampen prospects.

New analysis from Frost & Sullivan (pharma.frost.com), South African Ophthalmology Pharmaceuticals Market, finds that the market earned revenues of $38.4 million in 2007 and estimates this to reach $63.4 million in 2013.

"South Africa's 47.2 million people provide a solid market for ophthalmologic pharmaceuticals," notes Frost & Sullivan Research Analyst Tiwonge Mkandawire. "Expanded medical insurance coverage as well as a general increase in capacity to pay for heath services will result in growth in revenues for in this sector. In addition, there is a general rise in awareness about health issues and treatment options because of easier access to information."

Currently, only 15 per cent of the country's population has medical aid cover. The high enrolment rate onto the Government Employees Medical Scheme (GEMS) is however set to increase the number of people under medical insurance from 7 million to 8 million in the near future. Additionally, low-cost medical insurance companies are allowing a growing proportion of the population access to private health services.

Efforts by the department of health to ensure the availability of cheap healthcare however have the potential to dampen growth in the healthcare industry as a whole. Following the introduction of Single Exit Pricing (SEP) and benchmarking for pharmaceuticals in 2004, the government has stated its intentions of regulating the private healthcare market. This further control on prices, coupled with fluctuations in the country's economy, will present a challenge to companies seeking to penetrate the market.

"The limited number of specialists available for the prescription of ethical products has an additional bottleneck effect on potential revenues that could be generated in the ophthalmic market," remarks Mkandawire. "Currently, there are only 348 registered ophthalmologists in South Africa, with the bulk of them located in the Gauteng and Western Cape provinces."

Despite these challenges, companies should be able to compete successfully to capture revenues. Offering a comprehensive range of products offers most companies an edge, especially with regard to winning government tenders. Generic products also have a markedly higher chance of success in the market, particularly with the government-driven shift to generic substitution as a means of reducing healthcare costs.

If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the South African ophthalmology pharmaceuticals market, then send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

South African Ophthalmology Pharmaceuticals Market is part of the Pharmaceutical & Biotechnology Growth Partnership Service Programme, which also includes research in the following markets: European Ophthalmic Pharmaceuticals Markets, U.S. Leading Ophthalmic Diseases Markets, Pricing and Reimbursement Issues for Pharmaceutical Products in Europe. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.

South African Ophthalmology Pharmaceuticals Market - M273

 
 
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Ophthalmic Pharmaceuticals Enjoy Good Potential in South Africa

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