New Healthcare market report from Business Monitor International: "Ghana Pharmaceuticals & Healthcare Report Q1 2013"
Boston, MA -- (SBWIRE) -- 03/19/2013 -- BMI View: Ghana continues to outperform other markets in the region, and we predict strong growth throughout our 10 year forecast period. Ghana turns to imports for the majority of its pharmaceuticals and medical devices, but there is political drive to improve the country's domestic manufacturing capabilities. Not only would such improvements reduce the expensive import bill, but would also limit the influx of counterfeit drugs, reduce costs and pave the way for Ghana to become a regional exporter of essential drugs.
Headline Expenditure Projections:
Pharmaceuticals: GHC480mn (US$311mn) in 2011 to GHC572mn (US$319mn) in 2012; +19.1% in local currency terms and +2.6% in US dollar terms. Local currency forecast increased from Q412, due to new funding and finance agreements boosting demand.
Healthcare: GHC2.68bn (US$1.73bn) in 2011 to GHC3.14bn (US$1.75bn) in 2012; +17.4% in local currency terms and +1.1% in US dollar terms. US dollar forecast up from Q412, on account of changed foreign currency expectations.
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Medical devices: GHC113mn (US$73mn) in 2011 to GHC130mn (US$72mn) in 2012; +14.9% in local currency terms and -1.0% in US dollar terms. Local currency forecast increased following government investments in medical devices.
Risk/Reward Ratings: Ghana's score was stable this quarter, remaining in 18th position among the 30 key markets in the Middle East and Africa (MEA) surveyed in our Q113 pharmaceutical risk/reward ratings (RRR) matrix. Broadly speaking, Ghana is seen as having strong long-term potential for drugmakers, although low per capita spending on pharmaceuticals, coupled with widespread counterfeiting activities, will continue to moderate its RRR ranking through downward pressure on its industry rewards score.
Key Trends And Developments:
The National Health Insurance Authority announced in November 2012 that it plans to review the reimbursement price of essential drugs covered under Ghana's National Health Insurance Scheme. The NHIA is undertaking this review alongside the industry. Price increases are supposed to be implemented biannually, but it has been two years since the last rise.
Several international agencies announced funding for healthcare projects in Ghana this quarter. The EU is to offer Ghana a EUR97mn grant to fund healthcare programmes; USAID signed agreements with regional governments for a scheme to support nutritional health in women of child-bearing age and young children; and the United Nations Industrial Development Organisation will implement a EUR1mn project (funds to be split between Kenya and Ghana) to support local production of essential drugs.
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