The global complementary and alternative medicine market report in 2020 valued the industry at about US$ 82 billion with a potential to increase depending on investments made into the industry. The impact of the COVID-19 pandemic and the already high demand for complementary and alternative medicines across developing countries and Asia have been identified as the two major driving forces of the market.
Few natural perils threaten more loss of lives, economic disruption, and social disorder than large-scale disease outbreaks. For the past years, there have been records of outbreaks and pandemics that have affected a lot of lives and economies globally. The high death count and social disruption are not the only costs associated with pandemics; the financial and economic damages are also devastating.
Since the Paris Agreement was adopted in December 2015, over 150 countries have submitted national plans which target aggressive growth in climate solutions—including renewable energy, low-carbon cities, energy efficiency, sustainable forest management, and climate-smart agriculture. These plans, known as Nationally Determined Contributions (NDCs), are expected to offer a clear direction for investments that will target climate-resilient infrastructure and offset higher upfront costs through efficiency gains and fuel savings.
The global stampede and scramble for the acquisition of Covid-19 vaccines and other essential medicines has inadvertently demonstrated that the security of our health sector is intrinsically linked to the robustness of the pharmaceutical industry.
In developing countries with annual per capita incomes ranging from $400 to $1,800, agriculture continues to play a significant role in the employment of about 40 percent of the total labor force. Developing countries will continue to rely heavily on the agricultural sector to ensure employment for the rural poor and food security for growing populations as well as to meet challenges brought on by climate change and spikes in global food prices.
The concept of transformation in digital approaches and systems through the use of digital technologies in a strategic manner that streamlines and accelerates business operations has increased in recent times. Digitization of businesses not only promotes increases in revenue for businesses but also enhances customer experience and gaining a competitive edge for financiers of businesses.
There is a thin line between the strategic purpose and objectives of the African Continental Free Trade Area (AfCFTA) and the Sustainable Development Goals (SDGs). AfCFTA broadly centers on eradicating poverty through inclusive growth, sustainable jobs and sustainable industrial development. The SDGs on the other hand, are about eradicating poverty, protecting our planet and ensuring prosperity for all. They are both ambitious initiatives that are transformative at their core.
Consequent to the Covid-19 pandemic, many businesses, especially small ones and start-ups have suffered major setbacks. Some have folded up as operations stalled with the closure of borders, coupled with import/export associated delays, lack of turnaround capital, inactive clientele, etc.