Boston, MA -- (SBWire) -- 08/12/2013 --Ghana is strategically positioned in Sub-Saharan Africa, and is rapidly gaining prominence as an entry point for investors keen to work in the region. Its healthcare and pharmaceutical sectors have strong growth prospects, fuelled by the expansion of a national health insurance scheme, a growing middle class and increased government spending. In addition, the government is keen to support national drugmaking facilities. One lingering concern relates to the presence of counterfeit drugs, although much progress is being made in this area. Boosting local production would help reduce the risks in the supply chain: many substandard drugs are imported, and would have the additional benefit of raising Ghana's profile as a regional exporter of essential drugs.
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Headline Expenditure Projections:
Pharmaceuticals: GHC610mn (US$329mn) in 2012 to GHC709mn (US$353mn) in 2013; +16.2% in local currency terms and +7.1% in US dollar terms. Forecast broadly similar to Q213.
Healthcare: GHC3.33bn (US$1.80bn) in 2012 to GHC3.79bn (US$1.88bn) in 2013; +13.9% in local currency terms and +3.8% in US dollar terms. Forecast increased slightly from Q213.
Risk/Reward Ratings: Ghana's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 is 40.6, making it the 16th most attractive market in the Middle East and African region.
Key Trends And Developments
Merck Millipore, a division of Merck KGaA, announced plans to expand into Ghana. While the company does not currently have a direct presence in the country, it has established 40 mini labs in Ghana to support the government's efforts to tackle drug counterfeiting.
Ghana's Minister of Health called for the WHO to accredit more Ghanian pharmaceutical companies to produce drugs locally in May 2013 in a bid to manufacture a greater quantity of essential drugs locally and reduce supply chain risks associated with imports.
The US Pharmacopeial Convention established the Centre for Pharmaceutical Advancement and Training in Ghana in May 2013 in a bid to fight poor quality and fake medicines in sub-Saharan Africa.
BMI Economic View: Ghana's fiscal deficit of 12.1% of GDP in 2012 will put pressure on public spending in 2013, but it is unlikely to have a negative impact on the government's commitment to improving healthcare accessibility in the medium term. We forecast that the economy will post real GDP growth of 8.5% in 2013 and 7.1% in 2014.
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"Ghana Pharmaceuticals & Healthcare Report Q3 2013" Now Available at Fast Market Research
Fast Market Research recommends "Ghana Pharmaceuticals & Healthcare Report Q3 2013" from Business Monitor International, now available