Market value of Ghana’s pharmaceutical industry to hit $683m at end-2022
Market value of Ghana’s pharmaceutical industry is expected to increase to some $683 million by the end of this year.
Compared to its market value of $616 million in 2020, this marks an increase of $67 million.
The expected increase in the market value of the pharmaceutical industry represents a 5.3% annual growth rate of the industry.
The projected increment in the industry’s market value believed to be on the back of the construction of the Pharma Enclave in the Dawa Industrial Zone, is contained in a statement issued by the Ghana National Chamber of Pharmacy (GNCoP) on February 16, 2022.
Read: Down goes the cedi, crosses GHS 7 to dollar and GHS 9 to the pound on the retail market
Per the statement, 15 pharmaceutical companies have so far expressed interest in setting up in the enclave with total investment from the 15 companies pegged at $150 million with more the 3,600 full time direct employment to be created.
The GNCoP has therefore called on government to support companies setting up in the Enclave with incentive packages.
Ghana to replicate India’s $3bn PharmaCity; inch closer to pharmaceutical hub goal
Ghana is set to become the Continent’s pharmaceutical hub with plans to create a pharmaceutical enclave [Pharma Enclave].
The pharmaceutical enclave set to be built by government is expected to be modelled after India’s $3 billion PharmaCity.
The construction of the pharmaceutical enclave comes on the back of the Covid pandemic and forms part of government’s Ghana CARES Obaatanpa Programme as well as government’s overall agenda to become the medical hub of the continent.
Speaking at the Exchange Workshop on the establishment of the Pharma Enclave, Chairman of the Ghana National Chamber of Pharmacy, Harrison Abutiate, noted the time has come for the country to self-produce drugs for itself and the continent at large.
“Covid has thought us not to depend on external production of drugs but rather depend on local production.
“The time has come to change the narrative and self-produce drugs and the time is now,” he remarked.
Further noting that the Pharma Enclave will help bring both foreign and local investors to invest in the setting up of the enclave and ultimately help the government achieve its pharmaceutical hub goal.
Also speaking at the Exchange Workshop was Kwasi Ofori-Antwi, a representative from the Ministry of Trade and Industry, who noted that the Pharma Enclave is part government’s strategic plan to make Ghana a pharmaceutical hub on the continent adding the government is currently looking at upgrading pharmacies in the country to conform to World Health Organisation (WHO) standards.
Further adding that government is looking at incentivizing the pharmaceutical industry to help with its growth and development.
The Pharma Enclave will be set up as a Special Purpose Vehicle (SPV) through Public-Private Partnership (PPP) with it’s shareholding made up of the government, foreign and local investors.
Read details of statement below:
0196_001 by Fuaad Dodoo on Scribd
