(MENAFN) French drug maker Sanofi is pushing ahead with a third factory in Algeria, despite the ongoing violence in the country and neighboring Mali, Reuters reported.
The international drug company with the biggest sales in Africa is looking to capitalize on the growing middle class in the African continent.
"Africa is becoming an extremely interesting market and we'll continue to expand our commercial presence there," CEO Chris Viehbacher said.
Pharmaceutical spending in Africa is set to hit USD30 billion by 2016, driven by a 10.6 percent annual growth rate, according to a report by IMS Health.
By 2020, the market will have more than doubled from current levels to USD45 billion.
Pharmaceutical firms are putting a lot of attention on Africa as it is expected to continue growing over the next decade as Asia and Latin America start to reach Maturity.
"It is that potential for the continent to act as a hedge against slowing long-term growth in established emerging markets that appeals" Novartis CEO Joe Jimenez.
The growth will be fuelled by increasing economic wealth and demand for treatments for chronic diseases in a more urban, middle-class population.
Non-communicable diseases, such as heart disease, lung disorders, diabetes and cancer, are expected to account for 46 percent of all deaths in sub-Saharan Africa by 2030, up from 28 percent in 2008, according to the World Bank.
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