Ghana’s pharmaceutical market to post robust growth in coming years – Report

Ghana's pharmaceutical market is projected to post a robust growth in the coming years despite the outbreak of the coronavirus pandemic, Fitch Research has said.

According to the latest June 2020 West Africa Monitor Report by the research firm, Ghana's pharmaceutical expenditure is expected to post a 10-year compound annual growth rate of 11.4 percent and grow from GH¢3.14 billion (US$585 million) in 2019 to GH¢9.26 billion (US$1.55 billion) in 2029.

The report however said a prolonged disruption caused by the pandemic in the pharmaceutical supply chains of Indian and Chinese drug makers could negatively impact medicine affordability and availability in Ghana.

“Nevertheless, we still expect Ghana's pharmaceutical market to post robust growth in the coming years mainly boosted by the ongoing roll-out of universal healthcare,” the report said.

“We expect pharmaceutical expenditure to post a 10-year compound annual growth rate of 11.4 percent and grow from GH¢3.14 billion (US$585 million) in 2019 to GH¢9.26 billion (US$1.55 billion) in 2029”, it added.

Following the outbreak of the pandemic in Ghana, cabinet has tasked the Finance Minister, Ken Ofori-Atta to prepare a Resilience and Recovery Plan which will outline how fiscal expansion measures can assist specific sectors of the Ghanaian economy to achieve a growth rebound.

For the plan, special priority is to be maintained on the following sectors such as health, education, infrastructure, food and agriculture, social protection, import substitution and industrial growth as well as security.

Meanwhile, many scientists globally are seeking different remedies to prevent or treat COVID-19 infection with a proven vaccine yet to be produced.