Over the last two decades, we’ve seen the rise of an emerging middle class—nations of consumers with an average GNI per capita between $1,000 and $12,000 at local purchasing power parity. The five billion middle-income people in this group account for an estimated $300 billion in spending on medicines, and their consumer behaviors and purchasing power present significant opportunities for life sciences companies.
Interestingly, the nationalities that fall into this emerging middle class, come from four up-and-coming economies—Mexico, Indonesia, Nigeria and Turkey (MINT). The MINT countries make up a pharmaceutical market worth $28 billion and are expected to enter the top 10 global economies by 2050. For life sciences companies, these trends are worthy of attention.
Each of the four countries presents unique opportunities:
Mexico’s population of 116 million is relatively young, which means in 10 to 15 years they will have a greater need for healthcare services.
Indonesia has the largest population of the MINT countries, the fastest and most consistently growing GDP and increasing pharmaceutical spending per capital.
Nigeria may be one of the best prospects with an estimated $488 billion GDP, pushing it into place as the largest economy in Africa. The country’s population boom also places it on track to become the fourth-most populous country in the world by 2050.
Turkey’s government has committed to propelling the country into the top 10 health services economies by 2023 and the medical needs profile of this country is most similar to those of mature markets.
Despite the recent Ebola outbreak in West Africa, demand in both emerging and developing markets is shifting away from infectious diseases to non-communicable diseases (NCD) and chronic conditions such as cardiovascular disease, cancers, diabetes and respiratory disease. Research shows that 80 percent of NCD deaths now occur in the emerging markets, and lower-middle income people in these markets are especially vulnerable.
For life sciences companies, there is a rising call to action to bring their innovative NCD portfolios and differentiated capabilities to address this mounting, yet preventable epidemic. Companies that invest in these markets today will be strongly positioned to capture the quickly growing MINT patient population tomorrow. Will you be one of them?
To learn more, read Access to Medicines: The Next Growth Frontier.