Kenya has become a favorite destination for Chinese drugs manufacturers thanks to a conducive investment climate and rising purchasing power among citizens, executives said on Wednesday.
During an interview with Xinhua on the sidelines of the Africa Pharmaceutical Summit in Nairobi, the Chinese executives said they were keen to invest in the Kenyan drugs market for the long haul.
Ma Xiang, General Manager of the Unival Company Limited, said Kenya is a lucrative market for pharmaceutical products originating from China. "There has been drastic improvement in the Kenyan drugs market and we intend to expand our presence here.
The Kenyan government has shown commitment to spur growth of the local pharmaceutical industry," Ma said. Four Chinese drug manufacturers are exhibiting at the two-day inaugural Africa Pharmaceutical Summit in Nairobi.
Ma revealed that his company that supplies raw materials to drug manufacturing firms in the east African region plans to expand its footprint in Kenya. "We consider Kenya the getaway to the larger eastern African region and have confidence its pharmaceutical industry is set for growth.
The competition is high, but we are committed to supplying products that meet the global standards of quality," said Ma. Kenya could become the next frontier for investments in the pharmaceutical industry thanks to political stability and economic growth that is accompanied by a rising middle class.
Chinese drug manufacturers consider Kenya a strategic investment destination that promises returns. Ray Lei, the Project Manager of Pan Pacific Nutraceuticals, said his company that deals with traditional Chinese medicine (TCM) has been exploring investment opportunities in Kenya.
"We are convinced the demand for traditional Chinese medicine in Africa is growing having established presence in the continent for the last five years," Ray told Xinhua. His company is a leading manufacturer of drugs for treating depression, cancers and diabetes.
Ray said Pan Pacific Nutraceuticals aimed to partner with local agents to expand its footprint in the Kenyan and eastern Africa market. Chinese pharmaceutical companies are keen to invest in Kenya to help meet a growing demand for essential medicine in the light of a spike in communicable and lifestyle diseases.
David Zhang, a senior executive with Zhejiang Kangle Pharmaceutical Company Limited, noted that Kenya has eclipsed its neighbors to emerge as the biggest market for pharmaceutical products. "Kenya has a large population that is relatively wealthy and its investment climate is promising. We think Kenya is an ideal place to put up a drug manufacturing plant," said David.
His company has established footprint in Nigeria and Malawi and manufactures both the conventional and traditional Chinese medicine. According to him, Chinese investors are unbowed in their quest to explore new opportunities in the Kenyan drugs market.
Latest comments