We understand that the pharmaceutical industry is expected to reach the US$1billion value by the end of this year (2018). However, around 70 percent of pharmaceutical products that enter the country are imported – and this is despite the fact local manufacturers have enough capacity to fill the gap.
Most of the products come from either China or India, leaving only 30 percent of the market segment for local manufacturers. This capacity underutilisation is of grave concern, and the Ghana Business Development Review report of the UGBS also indicates this unequivocally.
The challenge today is how to ensure that local pharmaceutical manufacturers can take advantage of the between 60-80 percent cost of healthcare that drugs constitute. Since the installed capacity is already here in the country, we believe some market intervention should be made to ensure local manufacturers can make a reasonable effort to meet demand.