The pharmaceutical market in Ghana is currently estimated at USD600 million with a compound annual growth rate of 13.9%. However, local production supplies only 33% of the national essential medicines’ requirements.
In dealing with the challenge in a Covid-Pandemic, the UK government has signed a support measure for Ghana’s local pharmaceutical industry totalling £450,000.
With about 38 pharmaceutical manufacturing companies, Ghana’s pharmaceutical manufacturing is considered among the most vibrant within the ECOWAS sub-region. The coming on board of aid from the UK government is expected to make the drugs industry in Ghana more viable.
“In the pharmaceutical sector our support has included joint analysis with the Government of Ghana on the potential for investment, job creation as well broader economic development outcomes from the sector.
We have also provided technical assistance to improve private sector inputs into the policy discussions around the Ghana Pharmaceutical Development Strategy, Development Director of the Foreign, Commonwealth and Development Office, Philip Smith, revealed.
Trade minister, Alan Kyeremanteng stated the COVID-19 support will ensure that the sector continues to operate at optimal capacity, thereby reducing the projected job losses.
“I wish to reassure the stakeholders in the pharmaceutical sector of Government’s commitment to work collaboratively with industry players to make Ghana the new Pharmaceutical Hub for West Africa, if not for the whole of the continent.
On this note, I wish formally to declare the FCDO COVID-19 SUPPORT MEASURES TO THE LOCAL PHARMACEUTICAL INDUSTRY duly launched,” he stated.
Meanwhile, Harrison K. Abutiate, Chairman Ghana National Chamber of Pharmacy has challenged the Pharmaceutical Industry to take advantage of this aid,
Highlight on the support being provided to the sector which include support to pharma companies aimed at mitigating the impact of price escalation essential medicines covering treatment/management of COVID-19 and other diseases, support to the Chamber of Pharmacy for Advocacy during and post COVID-19 crisis among others.