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Key regions: United States, China, Germany, Japan, Europe
The Pharmaceuticals market in Burkina Faso has been developing at a steady pace in recent years.
Customer preferences: Customers in Burkina Faso have a strong preference for generic drugs due to their affordability compared to branded drugs. This preference is driven by the fact that the majority of the population lives below the poverty line, and therefore, cannot afford expensive branded drugs. Additionally, the country has a high burden of infectious diseases, which has led to a high demand for drugs that treat these diseases.
Trends in the market: The Pharmaceuticals market in Burkina Faso is witnessing a trend towards increased local production of pharmaceuticals. This trend is driven by the government's efforts to promote local production and reduce the country's dependence on imported drugs. Additionally, the government has implemented policies that provide incentives for local pharmaceutical companies to invest in research and development.Another trend in the market is the increasing use of mobile technology to improve access to pharmaceuticals. Mobile technology has been used to develop platforms that enable customers to order and pay for drugs online, which are then delivered to their doorstep. This has improved access to pharmaceuticals, especially for customers who live in remote areas.
Local special circumstances: Burkina Faso is a landlocked country that shares borders with six other countries. This has made it vulnerable to cross-border trade in pharmaceuticals, which is often unregulated and can lead to the circulation of counterfeit drugs. The government has implemented measures to counter the circulation of counterfeit drugs, including the establishment of a regulatory agency to oversee the importation and distribution of pharmaceuticals.
Underlying macroeconomic factors: Burkina Faso is one of the poorest countries in the world, with a GDP per capita of less than $700. This has limited the purchasing power of customers, which has led to a high demand for affordable generic drugs. Additionally, the country has a high burden of infectious diseases, which has driven the demand for drugs that treat these diseases.In conclusion, the Pharmaceuticals market in Burkina Faso is developing at a steady pace, driven by customer preferences for affordable generic drugs and the government's efforts to promote local production. However, the market is vulnerable to cross-border trade in pharmaceuticals, which can lead to the circulation of counterfeit drugs. The underlying macroeconomic factors, including the country's low GDP per capita and high burden of infectious diseases, will continue to shape the market in the coming years.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.Additional notes:
Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)