The global pharmaceutical market was estimated at USD 1.5 trillion in 2023 and is expected to grow at a compounded annual rate of 5.9% up to 2028. The world's top 20 pharmaceutical companies collectively spent $145 billion on their research and development (R&D) investments in 2022-23. Table 1 below shows the top 10 pharmaceutical companies in 2023.
Source: Pharmaceutical technology.com
As at date, there is only one pharmaceutical manufacturer in Mauritius, which started operations in 2023.
The Government of Mauritius places the development of the pharmaceutical manufacturing industry high on its agenda. In addition to the fiscal incentives provided to pharmaceutical manufacturers, it has also allocated a dedicated pharmaceutical and lifesciences park in Rose Belle to support the development of this industry.
The Pharmacy Board of the Ministry of Health and Wellness serves as the regulatory body responsible for issuing the necessary licenses to set up pharmaceutical manufacturing facilities.
While the Mauritian pharmaceutical market is relatively small, it is important to note that Mauritius, through its proximity to Africa and its bilateral agreements, provides manufacturers the opportunity to export to the African market, which imports approximately USD 20 billion worth of pharmaceutical products annually.
Imports of pharmaceutical products in Mauritius
In 2023, MUR 8.5 billion worth of pharmaceutical products were imported in Mauritius and with the increase in the number of NCD patients along with an increasingly health-conscious population, import values have been constantly increasing, as depicted in Figure 1 below.
Source: Statistics Mauritius
Source: Statistics Mauritius
