Boston, MA -- (SBWIRE) -- 04/16/2013 -- Ghana's size and expanding national health insurance scheme makes its one of the most attractive markets in the region for drugmakers. We expect to see annual growth of pharmaceutical sales in double-digits throughout the course of our 10-year forecast period. Key drivers behind this growth include increased coverage under the national health insurance scheme, growing government spending on healthcare and improvements in healthcare provision. In the short term, some problems persist: counterfeit drugs remain a concern, with pharmacists warning of their sale; there is a shortage of healthcare personnel; and there is a wide gap between healthcare provision and access to drugs between urban and rural areas. In terms of domestic drug manufacturing, local producers focus on generic drugs, and Ghana is well positioned to become a regional exporter.

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Headline Expenditure Projections:

Pharmaceuticals: GHC620mn (US$335mn) in 2012 to GHC730mn (US$379mn) in 2013; +17.8% in local currency terms and +13.3% in US dollar terms. Forecast raised from Q113 due to an increase in National Health Insurance tariffs.

Healthcare: GHC3.28bn (US$1.77bn) in 2012 to GHC3.72bn (US$1.93bn) in 2013; +13.4% in local currency terms and +9.2% in US dollar terms. Forecast increased slightly from Q113 .

Risk/Reward Ratings: Ghana's Pharmaceutical Risk/Reward Rating (RRR) score for Q213 is unchanged from the previous quarter. This is also the case for all other countries in BMI's proprietary system that ranks pharmaceutical markets according to attractiveness to multinational drugmakers. A minor reweighting of one of the RRR components is being implemented to improve the tool, and the adjusted scores for all markets will be published in the Q313 updates of the Pharmaceuticals & Healthcare reports. Ghana has a RRR score of 42.2 out of 100, making it the 18th most attractive pharmaceutical market in the Middle East and African region.

Key Trends And Developments:

As announced in November 2012, the National Health Insurance Authority announced an upwards revision to tariffs for providers of medical services in February 2013. Tariffs increased on average by 26% from February 1, 2013. In the same month, the government also announced plans to include cancer treatments on the National Health Insurance Authority's scheme.

Foundation GAVI Alliance announced that it, alongside UNICEF, had entered into negotiations with multinational drug firms Merck and GlaxoSmithKline over the provision of lower-priced HPV vaccines. The NGOs aim to protect girls in Ghana and other African nations from HPV, which is a cause of cervical cancer, with the implementation of a vaccination programme.

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