Boston, MA -- (SBWIRE) -- 04/30/2014 -- Although our USD headline forecasts for Ghana in Q2014 have been revised lower, this is largely due to currency fluctuations. We remain positive towards Ghana's healthcare and pharmaceutical markets over the long term. This is due to the government's commitment to the National Health Insurance Scheme, which is recognised as one of the best in the region, and currently covers over 36% of the population, according to Oxfam. The government continues to enrol more people and is undertaking steps to improve efficiency. In addition, the Prime Minister's commitment to manufacturing drugs for malaria, anti-retrovirals and TB, bringing in the expertise of German Development Agency and Novartis' Sandoz, will open up possibilities for regional exports and WHO pre-qualification for local manufacturers, while simultaneously decreasing reliance on drugs imported from India.
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Headline Expenditure Projections
Pharmaceuticals: GHS708mn (US$343mn) in 2013 to GHS868mn (US$356mn) in 2014; +22.5% in local currency terms and +3.9% in US dollar terms. Forecast in local currency terms revised from Q114 due to currency fluctuations.
Healthcare: GHS3.77bn (US$1.83bn) in 2013 to GHS4.28bn (US$1.75bn) in 2013; +13.4% in local currency terms and -3.9% in US dollar terms. Forecast in US dollar terms downgraded from Q114 due to local currency fluctuations.
Ghana's Pharmaceutical Risk/Reward Rating (RRR) score for Q214 is 39.2, making it the 18th most attractive market in the Middle East and African region.
Key Trends And Developments
In March 2014, under a three-year development partnership with the German Development Agency, GTZ, Ghana's minister of industry and trade announced a project to produce key medicines locally. The project aims to increase human capacity development for pharmaceutical manufacturing, co-development and prequalification of key medicines against priority endemic diseases, including TB, anti-malarials and antiretrovitals.
The Ghanaian government also received support from the EU's Trade-related assurance and Quality Enabling Programme (TRAQUE) to increase the capacity of standards and regulatory bodies such as Food and Drugs Authority and the Ghana Standards Authority to ensure quality. An improvement in standards would be a positive development for patented drugs in the country.
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