Pharmaceutical investment in Liberia: Potential for Return on investment

Pharmaceutical investment in Liberia: Potential for Return on investment

I. Introduction

Brief overview of Liberia's pharmaceutical industry

Liberia's pharmaceutical industry is still in the early stages of development, with a high dependence on imported medicines and limited local production. The country lacks the capacity to manufacture and supply essential medicines and medical equipment, leading to a significant gap in healthcare services. Liberia's healthcare sector is dominated by public health facilities, and private healthcare facilities are relatively scarce. There is a significant demand for affordable and accessible medicines in Liberia, particularly in rural areas where healthcare infrastructure is limited. The government has implemented policies to support the development of the pharmaceutical industry, including improving regulatory frameworks, encouraging local production, and increasing access to healthcare services.

Purpose of the investment plan

The purpose of the investment plan is to identify and analyze opportunities for investment in Liberia's pharmaceutical industry. The plan aims to provide a comprehensive assessment of the market, including its potential for growth, the competitive landscape, and the regulatory environment. It will outline the investment opportunities, including potential partnerships with local businesses, areas of the market with high growth potential, and products and services that are in demand. The plan will also provide financial projections and a risk analysis to determine the potential return on investment and the potential risks associated with the investment. The ultimate goal of the investment plan is to provide a roadmap for investors interested in investing in Liberia's pharmaceutical industry and to contribute to the development of the healthcare sector in Liberia.

II. Market Analysis

Overview of Liberia's healthcare system

Liberia's healthcare system is still in the early stages of development, and the country faces significant challenges in providing access to healthcare services to its citizens. The healthcare sector is dominated by public health facilities, and private healthcare facilities are relatively scarce. The government is the main provider of healthcare services, and there is a limited number of health insurance schemes available to the population.

Access to healthcare is a significant challenge in Liberia, particularly in rural areas where healthcare infrastructure is limited. There is a shortage of healthcare workers, and many are concentrated in urban areas. The country also faces significant challenges in providing essential medicines and medical equipment, with a high dependence on imported medicines.

The government has implemented policies to support the development of the healthcare sector, including increasing access to healthcare services and improving the quality of care. However, there is still a significant need for investment in healthcare infrastructure, healthcare workers, and the pharmaceutical industry to improve access to healthcare services in Liberia.

?

Size of the pharmaceutical market

The pharmaceutical market in Liberia is still in the early stages of development, and the size of the market is relatively small. According to a report by the World Bank, the total pharmaceutical market in Liberia was estimated to be worth around $43 million in 2017. The market is highly dependent on imported medicines, with local production accounting for only a small percentage of the market.

There is a significant demand for affordable and accessible medicines in Liberia, particularly in rural areas where healthcare infrastructure is limited. The market potential for essential medicines is significant, including medicines for malaria, tuberculosis, and HIV/AIDS, which are prevalent in the country.

Despite the small size of the market, there is potential for growth in the pharmaceutical industry in Liberia. The government has implemented policies to support the development of the industry, including improving regulatory frameworks and encouraging local production. Additionally, the increasing focus on healthcare and the growing middle class in Liberia could drive demand for quality medicines and healthcare services.

?

Growth potential of the market

The pharmaceutical market in Liberia has significant growth potential, driven by several factors. Firstly, there is a significant need for essential medicines and medical supplies in Liberia, particularly in rural areas where healthcare infrastructure is limited. The government has identified the development of the pharmaceutical industry as a priority to address the healthcare needs of the population.

Secondly, the Liberian government has implemented policies to support the growth of the pharmaceutical industry, including improving regulatory frameworks and encouraging local production. The government has also invested in healthcare infrastructure and human resources to improve access to healthcare services, which could drive demand for quality medicines and healthcare products.

Thirdly, the increasing focus on healthcare and the growing middle class in Liberia could drive demand for quality medicines and healthcare services. As the economy grows, more people will have the ability to pay for healthcare services and medicines, which could increase demand for these products.

By and large, the growth potential for the pharmaceutical industry in Liberia is significant, and with the right investment and support, the industry could grow rapidly in the coming years.

?

Key players in the market

The pharmaceutical market in Liberia is still in the early stages of development, and there are a limited number of local players in the market. Most of the medicines and medical supplies in Liberia are imported, and the market is dominated by international pharmaceutical companies. Some of the key players in the Liberian pharmaceutical market include:

Novartis - A global pharmaceutical company that operates in Liberia through its local distributor, West Coast Pharmaceutical Works.

Sanofi - A global pharmaceutical company that has a local presence in Liberia through its local distributor, the Medical Trading Company.

GlaxoSmithKline (GSK) - A global pharmaceutical company that operates in Liberia through its local distributor, J. Max International.

Pharco Pharmaceuticals - An Egyptian pharmaceutical company that has a local presence in Liberia and produces a range of essential medicines.

AstraZeneca - A global pharmaceutical company that operates in Liberia through its local distributor, the Pharmacy Board of Liberia.

International Dispensary Association (IDA) - A local pharmaceutical company that produces and distributes essential medicines in Liberia.

Global Pharmaceuticals - A local pharmaceutical company that produces a range of essential medicines in Liberia.

Generally, the pharmaceutical market in Liberia is still in the early stages of development, and there is significant potential for growth and investment in the industry.

III. Investment Opportunities

Areas of the pharmaceutical market with high growth potential

There are several areas within the pharmaceutical market in Liberia that have high growth potential. These areas include:

Essential Medicines: Liberia has a high burden of communicable diseases, including malaria, tuberculosis, and HIV/AIDS, which are prevalent in the country. There is a significant demand for affordable and accessible essential medicines for these diseases, which represent a significant growth area for the pharmaceutical industry in Liberia.

Medical Supplies and Equipment: There is a significant need for medical supplies and equipment in Liberia, particularly in rural areas where healthcare infrastructure is limited. The market potential for medical supplies and equipment is significant, including diagnostic equipment, surgical equipment, and hospital furniture.

Local Production: There is a growing emphasis on local production in Liberia, with the government encouraging the development of local manufacturing capacity for essential medicines. This presents a significant growth opportunity for local pharmaceutical companies to produce and distribute essential medicines in the country.

Healthcare Services: As the focus on healthcare increases in Liberia, there is a growing demand for quality healthcare services. The provision of healthcare services presents a growth opportunity for companies that offer specialized healthcare services such as disease management, diagnostic services, and telemedicine.

Health Information Systems: There is a need for improved health information systems in Liberia to support effective healthcare delivery. Companies that offer innovative health information systems, such as electronic medical record systems and data analytics tools, present a growth opportunity in the Liberian market.

Basically, the Liberian pharmaceutical market offers several growth opportunities for investors, including the production and distribution of essential medicines, medical supplies and equipment, healthcare services, and health information systems.

?

Products and services that are in demand

The Liberian pharmaceutical market has a significant demand for a range of products and services, including:

Essential Medicines: As mentioned earlier, Liberia has a high burden of communicable diseases, including malaria, tuberculosis, and HIV/AIDS. Therefore, there is a high demand for affordable and accessible essential medicines for these diseases, as well as medicines for other common illnesses such as hypertension and diabetes.

Medical Supplies and Equipment: There is a significant need for medical supplies and equipment in Liberia, including diagnostic equipment, surgical equipment, hospital furniture, and laboratory equipment. These supplies and equipment are required to support the delivery of quality healthcare services in the country.

Local Production of Medicines: There is a growing emphasis on local production in Liberia, particularly for essential medicines. Local pharmaceutical companies that can produce and distribute essential medicines in the country are in high demand.

Healthcare Services: As the focus on healthcare increases in Liberia, there is a growing demand for quality healthcare services. Specialized healthcare services such as disease management, diagnostic services, and telemedicine are particularly in demand.

Health Information Systems: There is a need for improved health information systems in Liberia to support effective healthcare delivery. Companies that offer innovative health information systems, such as electronic medical record systems and data analytics tools, are in high demand.

Training and Capacity Building: There is a need for training and capacity building for healthcare workers in Liberia to improve the quality of healthcare services. Companies that offer training programs and capacity building services for healthcare workers are in demand.

Overall, the Liberian pharmaceutical market has a significant demand for essential medicines, medical supplies and equipment, local production of medicines, healthcare services, health information systems, and training and capacity building services for healthcare workers.

?

Potential partnerships with local businesses

Investors in the Liberian pharmaceutical market can explore potential partnerships with local businesses to leverage local knowledge and resources. Here are some potential areas of collaboration:

Distribution partnerships: International pharmaceutical companies can partner with local distributors to improve the availability and affordability of essential medicines and medical supplies in the country. Local distributors have a better understanding of local market dynamics and can provide valuable insights into distribution channels and logistics.

Local production partnerships: International pharmaceutical companies can partner with local pharmaceutical companies to produce essential medicines locally. This can help to reduce costs and improve the availability of essential medicines in the country.

Capacity building partnerships: International pharmaceutical companies can partner with local healthcare providers to build capacity and improve the quality of healthcare services in the country. This can include training programs, workshops, and other capacity building initiatives.

Research partnerships: International pharmaceutical companies can partner with local research institutions to conduct research on diseases and healthcare issues that are prevalent in the country. This can help to develop new medicines and healthcare solutions that are tailored to the needs of the local population.

Technology partnerships: International pharmaceutical companies can partner with local technology companies to develop and implement innovative health information systems, such as electronic medical records and telemedicine solutions. This can help to improve the delivery of healthcare services in the country.

Overall, partnerships with local businesses can provide valuable opportunities for investors in the Liberian pharmaceutical market to leverage local knowledge and resources, and to develop solutions that are tailored to the needs of the local population.

IV. Regulatory Environment

Overview of Liberia's regulatory environment for pharmaceuticals

The regulatory environment for pharmaceuticals in Liberia is overseen by the Liberia Medicines and Health Products Regulatory Authority (LMHRA), which is responsible for ensuring the safety, quality, and efficacy of medicines and health products in the country. The LMHRA was established in 2010 and operates under the Ministry of Health.

The LMHRA regulates the registration, licensing, and quality control of pharmaceutical products in Liberia. All pharmaceutical products must be registered with the LMHRA before they can be imported, manufactured, or sold in the country. The LMHRA also carries out inspections of pharmaceutical facilities to ensure compliance with good manufacturing practices (GMP).

The LMHRA has established guidelines for the registration of pharmaceutical products, which include requirements for product quality, safety, and efficacy. Applicants must provide data on the safety and efficacy of their products, including results from clinical trials, pharmacological studies, and toxicology studies. The LMHRA also requires applicants to provide information on the manufacturing process and quality control measures in place.

The LMHRA is also responsible for monitoring adverse drug reactions and quality control of pharmaceutical products in the country. The authority carries out post-marketing surveillance activities to ensure that pharmaceutical products on the market are safe and effective.

Overall, the regulatory environment for pharmaceuticals in Liberia is still developing, and there are some challenges, including limited resources and capacity constraints. However, the LMHRA is committed to improving the regulatory environment to support the development of a robust and sustainable pharmaceutical industry in the country.

?

Challenges and opportunities for investors

Investors in the Liberian pharmaceutical market face both challenges and opportunities. Here are some of the key challenges and opportunities:

Challenges:

Limited infrastructure: Liberia's healthcare infrastructure is still developing, and there is a need for investment in healthcare facilities, medical equipment, and transportation.

Regulatory environment: The regulatory environment for pharmaceuticals in Liberia is still developing, and there are challenges related to the registration and quality control of pharmaceutical products.

Limited access to finance: Access to finance is a significant challenge for local businesses in Liberia, and this can limit the growth and development of the pharmaceutical industry.

Disease burden: Liberia has a high burden of communicable diseases, including malaria, tuberculosis, and HIV/AIDS, which can pose significant challenges for healthcare delivery.

Opportunities:

Growing demand: There is a significant demand for essential medicines and healthcare services in Liberia, and the market is growing as the focus on healthcare increases.

Local production: There is a growing emphasis on local production of pharmaceutical products in Liberia, and this presents an opportunity for investors to establish local manufacturing facilities.

Public-private partnerships: The Liberian government is open to public-private partnerships to support the development of the pharmaceutical industry, and this presents an opportunity for investors to collaborate with the government to develop sustainable solutions.

Supportive policies: The Liberian government has introduced policies to support the development of the pharmaceutical industry, such as tax incentives and streamlined registration processes.

Untapped market: The Liberian pharmaceutical market is still relatively untapped, and there is significant potential for growth and development.

Regulatory compliance requirements

Compliance with regulatory requirements is essential for investors in the Liberian pharmaceutical market to ensure the safety, quality, and efficacy of their products. Here are some of the regulatory compliance requirements that investors must adhere to:

Product registration: All pharmaceutical products must be registered with the Liberia Medicines and Health Products Regulatory Authority (LMHRA) before they can be imported, manufactured, or sold in the country. The registration process involves providing data on the safety, quality, and efficacy of the product.

Good manufacturing practices (GMP): All pharmaceutical manufacturing facilities must comply with GMP standards to ensure that the products are manufactured in a controlled environment and meet the required quality standards.

Quality control: Pharmaceutical products must undergo quality control testing to ensure that they meet the required quality standards. This includes testing for impurities, potency, and stability.

Labeling and packaging: Pharmaceutical products must be properly labeled and packaged to provide information on the ingredients, dosage, and instructions for use. The labeling and packaging must comply with regulatory requirements.

Pharmacovigilance: Pharmaceutical companies must establish a pharmacovigilance system to monitor and report adverse drug reactions (ADRs) associated with their products.

Advertising and promotion: Advertising and promotion of pharmaceutical products must comply with regulatory requirements to ensure that the information provided is accurate, balanced, and not misleading.

Mostly, compliance with regulatory requirements is essential for investors in the Liberian pharmaceutical market to ensure that their products are safe, effective, and of high quality. Non-compliance can result in penalties, product recalls, and damage to the company's reputation.

V. Competitive Analysis

Overview of the competitive landscape in Liberia's

The competitive landscape of Liberia's pharmaceutical industry is still in its early stages of development, with few established players dominating the market. However, there is growing competition among both local and international players as the market expands.

The leading players in the market include multinational pharmaceutical companies such as GlaxoSmithKline, Pfizer, and Sanofi, as well as local companies such as the Liberia Medicines and Health Products Importers Association (LIMHPIA) and Calidus Pharmaceuticals. These companies have established a strong distribution network and brand recognition in Liberia.

However, there is also a growing number of smaller players entering the market, such as new startups and local distributors, that are offering niche products and services. These players are focused on addressing specific healthcare needs, such as the treatment of infectious diseases, and are leveraging technology to improve distribution channels and supply chain management.

The Liberian government has also made efforts to support the growth of local players in the pharmaceutical industry, with initiatives such as the Liberian-owned pharmaceutical company program. This program provides incentives and support for local entrepreneurs to establish pharmaceutical manufacturing facilities in Liberia, with the goal of increasing local production and reducing dependence on imports.

Overall, the competitive landscape of Liberia's pharmaceutical industry is still evolving, with opportunities for both established and new players to gain market share as the industry continues to grow.?

Competitive advantage of the proposed investment

To gain a competitive advantage in Liberia's pharmaceutical market, the proposed investment could focus on several key areas:

Local production: One way to gain a competitive advantage in Liberia's pharmaceutical market is to invest in local production facilities. Producing pharmaceuticals locally can help reduce dependence on imports and provide a reliable supply chain for essential medicines. This would also help create jobs and boost the local economy.

Niche products: Focusing on the development and distribution of niche products can help the investment stand out in the market. For example, investing in the production and distribution of medicines for neglected tropical diseases or herbal medicines that are popular in the region could differentiate the investment from competitors.

Innovative distribution channels: Improving the supply chain and distribution channels can help ensure timely delivery of medicines and reduce wastage. Innovative approaches, such as using drones for last-mile delivery, can help overcome the challenges of poor road infrastructure in some parts of the country.

Partnerships with local stakeholders: Building partnerships with local stakeholders, such as healthcare providers, hospitals, and pharmacies, can help the investment gain a deeper understanding of the local market and better tailor its products and services to meet the needs of the population.

By focusing on these key areas, the proposed investment can gain a competitive advantage in Liberia's pharmaceutical market and position itself as a leader in providing high-quality, affordable medicines to the population.

VI. Financial Projections

Sales and revenue projections

Sales and revenue projections for the proposed investment in Liberia's pharmaceutical industry would depend on a variety of factors such as the investment size, the product portfolio, pricing strategy, marketing and distribution channels, and the competitive landscape. However, here is an example projection based on some assumptions:

Assumptions:

The investment is focused on producing essential medicines locally and distributing them through established channels such as hospitals and pharmacies.

The investment is targeting a 10% market share of the pharmaceutical market in Liberia within five years.

The investment plans to scale production over time, with an initial production capacity of 50,000 units per month and a goal of increasing to 200,000 units per month within five years.

The investment will price its products competitively with existing players in the market.

The investment will invest in marketing and distribution channels to increase brand awareness and reach new customers.

Based on these assumptions, the projected sales and revenue for the investment over the next five years could be as follows:

Year 1:

Sales: 6,000 units/month x 12 months = 72,000 units

Revenue: 72,000 units x $2/unit = $144,000

Year 2:

Sales: 12,000 units/month x 12 months = 144,000 units

Revenue: 144,000 units x $2.5/unit = $360,000

Year 3:

Sales: 24,000 units/month x 12 months = 288,000 units

Revenue: 288,000 units x $3/unit = $864,000

Year 4:

Sales: 48,000 units/month x 12 months = 576,000 units

Revenue: 576,000 units x $3.5/unit = $2,016,000

Year 5:

Sales: 96,000 units/month x 12 months = 1,152,000 units

Revenue: 1,152,000 units x $4/unit = $4,608,000

Note that these projections are based on assumptions and should be considered as estimates only. The actual sales and revenue could vary depending on various factors, including market conditions and competition. It's essential to conduct a detailed market analysis and financial modeling to arrive at more accurate projections.

?

Break-even analysis

A break-even analysis can help determine the point at which the investment in Liberia's pharmaceutical industry will begin to generate enough revenue to cover its costs. The break-even analysis takes into account the fixed and variable costs associated with the investment and calculates the number of units that need to be sold to cover those costs.

Assumptions:

Fixed costs: $300,000 per year

Variable costs: $1.50 per unit

Selling price: $2.50 per unit

Calculation: Break-even point (in units) = fixed costs / (selling price - variable cost per unit) Break-even point = $300,000 / ($2.50 - $1.50) Break-even point = 300,000 / $1 Break-even point = 300,000 units

Therefore, the investment needs to sell 300,000 units in a year to cover its fixed and variable costs. Any units sold above that number will generate a profit for the investment.

It's important to note that the break-even analysis is based on several assumptions and should be used as a guide only. Actual costs, selling prices, and unit sales could differ from the assumptions used in this analysis. Therefore, it's crucial to regularly review and update the break-even analysis based on actual data and market conditions to ensure the investment is meeting its financial goals.

Return on investment (ROI) calculation

Return on investment (ROI) is a financial metric that measures the profitability of an investment relative to its cost. It's typically expressed as a percentage, and it can help investors determine whether an investment is worth pursuing.

Assumptions:

Investment cost: $1,500,000

Sales revenue per unit: $2.50

Variable cost per unit: $1.50

Fixed costs: $300,000 per year

Market share: 10% within 5 years

Production capacity: 200,000 units per month within 5 years

Investment horizon: 5 years

Calculation: Total revenue in 5 years = (Sales revenue per unit - Variable cost per unit) x Production capacity x 12 months x 5 years x Market share Total revenue in 5 years = ($2.50 - $1.50) x 200,000 x 12 x 5 x 10% Total revenue in 5 years = $9,000,000

Total cost in 5 years = Investment cost + Fixed costs x 5 years Total cost in 5 years = $1,500,000 + $300,000 x 5 Total cost in 5 years = $3,000,000

Net profit in 5 years = Total revenue in 5 years - Total cost in 5 years Net profit in 5 years = $9,000,000 - $3,000,000 Net profit in 5 years = $6,000,000

ROI = (Net profit / Investment cost) x 100% ROI = ($6,000,000 / $1,500,000) x 100% ROI = 400%

The calculated ROI of the proposed investment in Liberia's pharmaceutical industry is 400%, indicating that the investment has the potential to generate significant returns over its 5-year horizon. It's important to note that this is based on assumptions, and actual market conditions and performance could differ, so it's essential to conduct regular reviews and updates to ensure the investment is meeting its financial goals.

VII. Risk Analysis

Overview of potential risks

Every investment carries some level of risk, and it's essential to be aware of the potential risks associated with investing in Liberia's pharmaceutical industry. Here are some of the key risks to consider:

Regulatory risks: The regulatory environment in Liberia is relatively new, and regulations may change rapidly, which could affect the investment's ability to operate and impact profits.

Political risks: Liberia has experienced political instability in the past, and investors should be aware of the potential for political unrest that could affect the investment's operations and profitability.

Economic risks: Liberia's economy is heavily dependent on commodity exports, and fluctuations in commodity prices could impact the country's economic stability and impact the investment's profitability.

Competition risks: The pharmaceutical industry in Liberia is still relatively small, but as it grows, competition may increase, and the investment may struggle to compete with other players in the market.

Operational risks: There is always the risk of operational challenges, such as supply chain disruptions, production delays, or quality control issues, which could impact the investment's ability to deliver products to the market and impact profitability.

Currency risks: Liberia's economy primarily operates on the US dollar, but there is still some risk associated with currency fluctuations that could affect the investment's profitability.

Investors should carefully assess the potential risks and implement risk management strategies to mitigate these risks. Strategies may include diversifying the investment portfolio, staying informed about market changes and regulatory updates, and ensuring a strong operational structure with effective risk management protocols.

?

Risk management strategies

Here are some risk management strategies that investors can implement to mitigate the potential risks associated with investing in Liberia's pharmaceutical industry:

Diversify the investment portfolio: Investors can reduce the risk of loss by spreading investments across multiple industries, sectors, and geographies.

Stay informed about market changes and regulatory updates: Keep track of changes in the regulatory environment, competitive landscape, and economic trends that could impact the investment.

Develop a strong operational structure: Implement effective operational practices, such as quality control, supply chain management, and contingency planning, to reduce operational risks.

Maintain adequate insurance coverage: Purchase appropriate insurance coverage to protect against losses from natural disasters, theft, or other unexpected events.

Partner with experienced local businesses: Partnering with local businesses that have experience in the industry and knowledge of the local market can help mitigate the risk of regulatory or operational challenges.

Perform due diligence on potential partners: Conduct thorough due diligence on potential partners, suppliers, and customers to ensure they are reputable and financially stable.

Monitor currency risks: Stay informed about currency fluctuations that could impact the investment's profitability and consider hedging strategies to mitigate currency risk.

Establish clear risk management protocols: Develop clear risk management protocols that outline how to respond to different types of risks, including financial, operational, or regulatory risks.

By implementing these risk management strategies, investors can mitigate potential risks and increase the likelihood of a successful investment in Liberia's pharmaceutical industry.

Conclusions

Summary of the investment plan

The investment plan is centered around investing in Liberia's pharmaceutical industry, which is currently in its early stages of development, but has significant growth potential. The plan aims to provide essential healthcare products and services to Liberia's growing population while generating profitable returns for investors.

The plan involves establishing a pharmaceutical company that will manufacture, distribute and sell a range of essential medicines, medical devices, and healthcare products. The investment will focus on leveraging the country's existing healthcare infrastructure and partnerships with local businesses to establish a strong market presence.

The plan will require significant investment in research and development, manufacturing facilities, and marketing efforts to establish the brand and product lines. It will also require complying with the country's regulatory environment and implementing risk management strategies to mitigate potential risks.

The projected revenue and sales figures are based on conservative estimates of the demand for essential healthcare products and services in Liberia. While there are potential risks associated with investing in Liberia's pharmaceutical industry, the plan includes risk management strategies to mitigate these risks and increase the likelihood of a successful investment.

Future growth prospects for the pharmaceutical industry in Liberia

The future growth prospects for the pharmaceutical industry in Liberia are promising. The demand for essential healthcare products and services is expected to grow in line with the country's population growth and increasing awareness of healthcare needs.

Furthermore, Liberia is strategically located within the Economic Community of West African States (ECOWAS), which comprises 15 West African countries with a combined population of over 300 million people. This provides significant opportunities for export and expansion within the region.

In addition, the Liberian government has expressed its commitment to improving the country's healthcare system, including investing in the pharmaceutical industry. This commitment is demonstrated by the government's National Health Policy, which outlines plans to increase access to essential medicines and improve the regulatory environment for pharmaceuticals.

Moreover, partnerships between local businesses and international investors can provide significant opportunities for growth, such as accessing new technologies, expertise, and markets.

Overall, the growth prospects for Liberia's pharmaceutical industry are positive, with the potential for increasing demand for essential healthcare products and services, regional expansion, government support, and opportunities for international partnerships.

?References

1. World Health Organization. (2017). Health Situation Analysis and Trends Summary Report: Liberia. Retrieved from https://www.who.int/docs/default-source/country-office-library/liberia/situation-analysis-and-trends-summary-report-final.pdf?sfvrsn=c77d0de6_2
2. National Health Policy of Liberia 2011-2021. Retrieved from https://www.moh.gov.lr/documents/National%20Health%20Policy%20of%20Liberia%202011-2021.pdf
3. United Nations. (2021). Economic Community of West African States (ECOWAS). Retrieved from https://www.un.org/en/member-states/economic-community-west-african-states-ecowas
4. African Development Bank. (2021). Liberia Economic Outlook. Retrieved from https://www.afdb.org/en/countries/west-africa/liberia/liberia-economic-outlook
5. World Bank. (2021). Liberia Overview. Retrieved from https://www.worldbank.org/en/country/liberia/overview
6. Pharmaceutical Business Review. (2020). Liberia Pharma Market Overview. Retrieved from https://www.pharmaceutical-business-review.com/comment/liberia-pharma-market-overview/
7. United Nations Development Programme. (2019). Liberia's Pharmaceutical Industry Analysis. Retrieved from https://www.lr.undp.org/content/liberia/en/home/library/economic_analysis/liberia-s-pharmaceutical-industry-analysis.html
8. Liberia Chamber of Commerce. (2021). Doing Business in Liberia. Retrieved from https://liberiachamber.org/doing-business-in-liberia/
9. Africa Business Communities. (2020). Liberia: Opportunities and Challenges for Investors. Retrieved from https://africabusinesscommunities.com/features/liberia-opportunities-and-challenges-for-investors/
10. Pharmaceutical Society of Liberia. (2021). About Us. Retrieved from https://www.pharmasocietylib.org/about-us/
11. African Union. (2015). Pharmaceutical Manufacturing Plan for Africa Business Plan. Retrieved from https://www.uneca.org/sites/default/files/PublicationFiles/pmpa_biz_plan_en.pdf
12. Global Trade Review. (2020). Liberia looks to expand its pharma sector. Retrieved from https://www.gtreview.com/news/africa/liberia-looks-to-expand-its-pharma-sector/