The Ghana National Chamber of Pharmacy (GNCoP) says the pharmaceutical industry is on the verge of collapse as a result of the current economic challenges.

Speaking on behalf of the group at a press conference on Thursday, the President of the Pharmaceutical Importers and Wholesalers Association, William Adum Addo said the impending crisis is capable of affecting lives and the health of the nation.

“The effect of medicine prices will not only result in challenges with medicine availability and accessibility but most importantly the quality of life of Ghanaians, because we all know health is wealth. They cannot afford the exorbitantly high cost of medicine … very soon a sizable number of industry players may be forced to fold up or lay off staff,” he said.

Mr. Addo indicated that the group has decided to provide medicines solely on cash basis due to the prevailing economic situation.

“All transactions with immediate effect shall be on cash basis until the economy stabilises,” he stated.

This decision is expected to have dire consequences for the supply of medicines, particularly for Ghana’s National Health Insurance Scheme (NHIS) which largely operates on a credit basis.

Mr. Addo, therefore, recommended that the NHIS and other private health insurance companies seek funds to purchase medicines on a cash basis for distribution to patients under the schemes.

GNCoP also encouraged “end user institutions that is retail pharmacies, private hospitals and clinics to secure loans from banks to buy medicines with cash.”

“The Minister of Finance and Economic Planning should release funds immediately to pay for long-standing debts over nine months and to push to clear all overdue debts,” he added.