Key regions: China, Europe, Australia, United States, Germany
The Other Pharmaceuticals market in Sierra Leone has been developing steadily over the past few years.
Customer preferences: Sierra Leone has a high burden of disease, with malaria and HIV/AIDS being the leading causes of death. As a result, there is a high demand for pharmaceuticals that treat these diseases. However, due to the low purchasing power of the population, customers tend to opt for cheaper generic drugs over branded ones.
Trends in the market: The Other Pharmaceuticals market in Sierra Leone is expected to grow at a moderate pace in the coming years. The demand for pharmaceuticals is expected to increase due to the rising burden of disease in the country. In addition, the government is taking steps to improve access to healthcare by increasing healthcare spending and expanding health insurance coverage. This is expected to boost demand for pharmaceuticals in the country.
Local special circumstances: Sierra Leone is a low-income country with a weak healthcare system. The country has a shortage of healthcare professionals, including doctors, nurses, and pharmacists. This has led to a reliance on community health workers who are often responsible for prescribing and dispensing drugs. In addition, there is a high prevalence of counterfeit drugs in the country, which poses a significant challenge to the pharmaceutical industry.
Underlying macroeconomic factors: Sierra Leone's economy has been growing steadily over the past few years, but it remains heavily reliant on agriculture and mining. The country is vulnerable to external shocks, such as fluctuations in commodity prices and natural disasters. In addition, the country has a high poverty rate, which limits the purchasing power of the population. This has implications for the pharmaceutical industry, as customers tend to opt for cheaper generic drugs over branded ones.
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.
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