Growth of pharma industry critical to health sector, development - Phillip Owiredu

Philip Owiredu   CalBank MD Managing Director of CalBank, Philip Owiredu

Wed, 13 Apr 2022 Source: www.ghanaweb.com

Ghana's pharma industry value at US$616 million in 2020

Pharma Park to be established at the Dawa Industrial Enclave

Pharma industry urged to take advantage of AfCFTA

Phillip Owiredu, Managing Director of indigenous firm, CalBank has underscored the importance of the pharmaceutical industry and the need for establishing key partnerships.

According to him, the sector plays a vital role in the country’s health sector hence collaboration with the Ghana National Chamber of Pharmacy, to establish a ’Pharma Park’ at the Dawa Industrial Enclave, is key to improving the local pharma industry.

“Partnership with very significant institutions is key with the objective of ensuring development and growth, especially in the health sector. We seem to have identified ourselves with certain significant industries like the cocoa sector and others but there are certain sectors in the country that have been under the radar but remain very relevant.”

“The import of pharmaceutical products into the country and the potential of exports is huge and this shows what we can make and the kind of impact it can have on our country in terms of development, jobs and prosperity," he added.

He added that as part of efforts to implement the bank’s target market strategy and improve the health sector, the partnership with Ghana National Chamber of Pharmacy (GNCoP) is essential to improving and understanding the pharma industry.

He made the remarks at a Leadership Conversation Series under the theme: “AfCFTA and the Post Covid Era; the Growth of the Pharmaceutical Sector in Ghana" with the aim of exploring opportunities in the trade agreement with industry players in the pharmaceutical industry."

Meanwhile, Chairman of the Chamber of Pharmacy Council, Harrison Abutiate, has expressed optimism that access to funding, which remains a key component for many players in the pharma industry, will somewhat be addressed through the partnership.

At the onset of the coronavirus pandemic in 2020, Ghana’s pharmaceutical industry was estimated to have a market value of US$616 million. While the figure represents huge growth, it is further projected to grow to US$683 million by the end of 2022.

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Source: www.ghanaweb.com
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