Madagascar - Opportunities

Like major African pharmaceutical producers, Madagascar benefits from the growth opportunities of pharmerging. Local expertise makes this market all the more attractive to foreign investment. In an effort to attract FDI, institutional adjustments will be made depending on the nature of the investment project within the new Industrial Emerging Zones (ZEI).

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Malagasy technical capacity is a major asset in the pharmaceutical industry. Sensing this opportunity, Pierre Fabre Laboratories invested in November 2018, through its foundation, in the construction and equipment of the Faculty of Pharmacy at the University of Antananarivo. By strengthening local capacity and staff in the field, the French pharmaceutical giant will contribute to the influx of other investors in the sector.

Furthermore, Madagascar benefits from free trade agreements at the regional level, being a member of SADC and COMESA. This represents nearly 900 million potential consumers. At the international level, the Big Island has access to the American market through the African Growth Opportunities Act (AGOA), the European market through the Economic Partnership Agreement (EPA), and several countries that have granted it a Generalized System of Preferences (GSP).

Pharmaceutical production

At the Malagasy administrative level, improvements have been made to promote local production. Any application to open a manufacturing facility must include a file proving that the investor will comply with government-recognized good manufacturing practices. Authorization is issued by the Ministry of Health after joint advice from the Ministry of Trade, the Minister of the Environment, and the Ministry of Water.

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The distribution

For distribution, in addition to a Marketing Authorization (MA) granted by the Madagascar Medicines Agency (AgMed), a file review and a decision from a National Medicines Registration Commission are required. To favor domestic companies, registration fees are significantly lower than those for imported medicines. According to AgMed, the fees for reviewing applications to obtain a MA are €200 for a foreign medicine and 164,000 Ariary (approximately €36) for a locally manufactured one.

Pharming, the future of the pharmaceutical industry

Like major African pharmaceutical producers, Madagascar benefits from the growth opportunities of pharmerging (concentration of pharmacy and emerging). Indeed, alongside population growth, the consumption of pharmaceutical products in emerging countries is increasing rapidly. Pharmaceutical giants like Sanofi record more than 33% of their sales in emerging countries, compared to 24% in Europe. Strong growth in the pharmaceutical industry by 2022 is thus expected in these countries. However, the need for medicines is enormous in Madagascar. Thanks to Malagasy technical expertise, a major asset in the pharmaceutical industry, this market is very attractive for foreign investment. At IMRA, 100TP3T of researchers are Malagasy.