27 Jan EXPLORING THE PHARMACEUTICAL INDUSTRY’S FOOTPRINT IN SOUTH AFRICA
In 2019, the Innovative Pharmaceutical Association South Africa (IPASA) conducted the Footprint Study to ascertain the contribution of the pharmaceutical industry to South Africa’s economy.
The comprehensive study analysed the socio-economic contribution made by multinational pharmaceutical companies to the country’s economy, particularly in Research and Development (R&D), clinical research, job creation as well as manufacturing, amongst other contributions.
The study concluded that innovative multinational pharmaceutical companies play a significant role in contributing to the South Africa’s economy and provide sustainable and inclusive growth.
If the innovative pharmaceutical industry is to remain viable, South Africa needs to continue to obtain access to world-class, innovative medicines. However, there needs to be a balance struck between incentivising the local generic manufacturing industry and recognising the value of multinationals’ investment in SA.