August 12, 2025

Toyota Tsusho Bets Big on Africa’s “Final Frontier” with Full Takeover of Leading Pharmacy Chain

Toyota Tsusho Corporation has completed the full acquisition of Good Life Pharmacy, East Africa’s largest drugstore chain, in a strategic move to capture the continent’s booming consumer market—especially its rapidly expanding Generation Z demographic.

Headquartered in Kenya, Good Life Pharmacy operates more than 150 outlets selling pharmaceuticals, cosmetics, and beauty products. Toyota Tsusho initially acquired a 30% stake in 2022. By moving to full ownership, the company aims to capitalize on the growing spending power of Africa’s young, urban middle class.

Riding Africa’s Demographic Wave

Africa’s population is forecast to surge by 70% to 2.5 billion by 2050. Rapid smartphone adoption among younger generations is fueling retail sector growth and changing consumer behavior. Toyota Tsusho, already active in pharmaceutical wholesale and manufacturing across 24 African countries, will now integrate its supply chain from production to retail. This end-to-end control is designed to guarantee product quality and address the persistent problem of counterfeit drugs.

Toyota Tsusho’s ties to Africa date back to 1922, when it began procuring cotton. It entered automotive exports to the continent in 1964 and expanded significantly in 2016 with the acquisition of French trading house CFAO. Often described as the world’s “final frontier” for economic growth, Africa remains a key pillar of the company’s long-term strategy.

Leadership with Local Insight

President Toshimitsu Imai, who took office in April, brings over 30 years of hands-on African business experience and describes himself as “almost African at heart.” Under his leadership, Toyota Tsusho aims to triple its African sales within the next decade, positioning the company to stay ahead in one of the fastest-changing markets in the world.