Ghana Pharmaceutical Market 2024-2030

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    GHANA PHARMACEUTICAL MARKET

     

    KEY FINDINGS

    • The pharmaceutical sector in Ghana mainly comprises of producers of drugs, wholesalers, distributors, retailers and consumers. Ghana’s pharmaceutical market is among the largest in the West African region, yet remains small on a global scale.
    • There are both state and private actors in Ghana’s pharmaceutical business. An estimated 2000–2500 registered pharmaceutical enterprises serve the needs of individuals in populated villages and towns worldwide. 
    • Private players, however, have a lot of promise because they can specialize in any particular stage of the manufacturing process and then sell their goods to pharmacies or hospitals.
    • Prescription medicines dominate the market representing 74% by market value, while over-the-counter (OTC) medicines occupy a considerably smaller share at 26%. The prescription market share is split between patented drugs and generic drugs. 
    • The healthcare expenditure in Ghana was valued with public healthcare expenditure accounting for just over 45% of the overall market share. We expect this to increase as a proportion of total healthcare spending as demand for healthcare increases and gradual reforms to Ghana’s National Health Insurance Scheme (NHIS) are implemented. 
    • The government of Ghana is a major player, both as a regulator of the market and as a buyer involved directly in the wholesale and supply of drugs and healthcare services. Concerns about the provision of relatively cheap and effective drugs to the mass population have led to several government-led and/or private sector-led initiatives in the pharmaceutical sector of Ghana.
    • The Pharmaceutical Manufacturers Association of Ghana has 35 registered members, with domestic companies accounting for 30% of the country’s pharmaceutical market.
    • As of January 2021, the Pharmaceutical Manufacturers Association of Ghana had 35 registered members. Most of the major local pharmaceutical companies also export Domestic producers in Ghana chiefly manufacture generic drugs. Although multinational drug makers operate in Ghana, we believe the market is increasingly shifting in favour of generic medicines, thus favouring domestic production. 
    • Foreign generic drugmakers in India and China have a growing influence. Over the long term, as the domestic industry grows, we expect generic drug makers to increase production in order to meet rising demand and cost-containment measures encouraged by the Ghanaian government.

     

    GHANA PHARMACEUTICAL MARKET OVERVIEW

    The Government of Ghana (GoG) through the Ministry of Health (MOH) is implementing strategies to ensure universal health coverage that will improve the health status of all people living in Ghana. Providing quality health services to all Ghanaians means an uninterrupted supply of safe, quality, and efficacious health commodities. 

     

    Through the adoption of global standards, Ghana seeks to increase visibility within the supply chain and the ability to track and trace medicines from point of entry to the market to the patient.

     

    Driven goals, GoG held a series of workshops to launch Ghana’s national pharmaceutical traceability initiative. The workshops were attended by representatives from the government, private sector, and development partners in the pharmaceutical sector in Ghana.

     

    Ghana market is served by 30% local production augmented by imports for the remaining 70% of pharmaceutical needs in both Ghana and West Africa. Notably, Nigeria and Ghana are the two countries with any significant manufacturing capacity to serve the sub-region.

     

    Ghanaian manufacturers thus have a great opportunity to expand their operations in Ghana and the sub-region on the back of the dearth of regional production capacity, favourable ECOWAS protocols and the Ghana government’s moves to create some exclusivity for locally manufactured pharmaceutical products.

     

    The Government of Ghana, through the 1D1F initiative and GEXIM is offering support to Ghanaian manufacturers to build new state-of-the-art factories and/or retool existing facilities to bring them up to WHO/UNIDO “Good Manufacturing Practice” standards to enable them compete favourably locally and in the sub-region.

     

    There are a limited number of pharmaceutical manufacturing companies in West Africa with 38 companies in Ghana (27 active), 100 in Nigeria; 5 in Ivory Coast and none in Liberia and Burkina Faso. The high demand coupled with the low production of pharmaceutical products in Ghana and West Africa at large, represents a huge supply gap that our local pharmaceutical manufacturing companies can leverage to expand production capacity.

     

    There is no doubt that Ghanaian Pharmaceutical Manufacturing Companies are well noted for high quality products and Ghana has a highly respected and well-equipped regulatory body such as the Food and Drugs Authority- FDA in place to regulate and control the industry.

     

    The Food and Drugs Board (FDB) and the Medicines Regulatory Authority are the two authorities that disregard clinical studies and marketing and advertising (MRA).

     

    Ghana’s pharmaceutical industry has grown significantly over the last 20 years. The importance of finding better hospitals, facilities, and medications has increased for important stakeholders in this sector. The government’s support for the unbreakable healthcare infrastructure has helped the healthcare sector rise to a new dawn.

     

    INTRODUCTION

     

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    Ghana is a country in West Africa that lies between the Atlantic Ocean and the Gulf of Guinea. Ghana’s industries moderately drive the country’s economy.

     

    The Ghanaian pharmaceutical market is dominated by imported products, accounting for over 80% of the total market. However, there is a growing trend towards local manufacturing, as the government has implemented policies to support the development of the domestic industry.

     

    The most common type of pharmaceuticals used in Ghana are over-the-counter (OTC) drugs, which account for over 60% of the total market. However, there is a growing demand for prescription drugs, as the prevalence of chronic diseases increases.

     

    The Ghanaian government is committed to improving access to affordable healthcare, and has implemented a number of initiatives to this end. These initiatives include the introduction of a national health insurance scheme, and the construction of new hospitals and clinics.

     

    The Ghanaian pharmaceutical market is a dynamic and growing market, with a number of opportunities for investors and businesses. However, there are also a number of challenges, such as the high cost of drugs, the shortage of qualified healthcare professionals, and the prevalence of counterfeit drugs.

     

    The government of Ghana promotes numerous healthcare plans for its residents, which they can take advantage of, taking into account the low per capita income per person in rural areas. The drugs have a provision for subsidies.

     

    Ghana’s pharmaceutical industry has grown dramatically over the past two decades.Opportunistic value for important players in this industry has increased as a result of increased focus on better hospitals, facilities, and medicines. The healthcare industry is moving toward a new era thanks to the government’s support of the indestructible healthcare infrastructure.

     

    Ghana’s pharmaceutical industry is dependent on foreign inputs and finished pharmaceutical products. Roughly 70% of pharmaceutical demand is met by imports, mostly from India and China, with local production accounting for the remaining 30%. This split aligns with the distribution between prescription drugs and over-the-counter (OTC) medications at 74% and 26%.

     

    GHANA PHARMACEUTICAL MARKET SIZE AND FORECAST

    The Ghana Pharmaceutical Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

     

    GHANA PHARMACEUTICAL MARKET TRENDS

    Ghanaian government implements policies to support the development of the domestic pharmaceutical industry: The Ghanaian government has implemented a number of policies to support the development of the domestic pharmaceutical industry. These policies include the introduction of tax incentives for local manufacturers, the establishment of a pharmaceutical fund to provide financial support to local companies, and the construction of a new pharmaceutical manufacturing facility.

     

    Ghanaian government introduces national health insurance scheme

    The Ghanaian government has introduced a national health insurance scheme, which will provide access to affordable healthcare for millions of Ghanaians.

     

    Digitalization and Technology Adoption: The adoption of digital technologies is transforming the pharmaceutical industry, from supply chain management to patient engagement. E-commerce platforms are facilitating access to medicines, while telemedicine is expanding healthcare services to remote areas.

     

    GHANA PHARMACEUTICAL MARKET NEW PRODUCT LAUNCH

    Novel Antimalarial Therapies: The fight against malaria remains a priority in Ghana, and several pharmaceutical companies are actively developing new antimalarial drugs and formulations. One promising approach involves combining multiple antimalarial drugs to target different stages of the parasite’s life cycle, potentially reducing the risk of drug resistance. Additionally, researchers are exploring the potential of repurposing existing drugs for malaria treatment.

     

    Expanded Vaccine Portfolio: Ghana is expanding its vaccine portfolio beyond malaria to address other prevalent infectious diseases. One example is the development of a pneumococcal conjugate vaccine, which targets the bacterium responsible for pneumonia, a leading cause of childhood mortality in Ghana. Additionally, efforts are underway to introduce vaccines for other diseases such as meningitis and human papillomavirus (HPV).

     

    Biosimilars for Chronic Diseases: Biosimilars, which are highly similar to existing biologic drugs but are produced by different companies, are gaining acceptance in Ghana as a cost-effective alternative to brand-name drugs. The introduction of biosimilars for chronic diseases such as diabetes and cancer can significantly reduce treatment costs and improve access to essential medicines.

     

    Expanded Vaccine Production: Ghana is aiming to become a regional hub for vaccine manufacturing, and several initiatives are underway to expand local production capacity. One such project involves a collaboration with Germany to establish a vaccine manufacturing facility in Ghana, focusing on the production of vaccines for infectious diseases prevalent in the country.

     

    Digital Health Solutions: Digital technologies are transforming the pharmaceutical industry in Ghana, with new apps and platforms being developed to improve patient care and access to medicines. These solutions encompass medication reminders, symptom tracking, telemedicine consultations, and e-commerce platforms for online drug purchases.

     

    GHANA PHARMACEUTICAL MARKET DYNAMICS

    Increasing Demand for Pharmaceuticals

    Ghana’s population is growing steadily, and with rising disposable incomes, more people can afford healthcare and pharmaceuticals. This is driving a strong demand for medicines, particularly for chronic diseases such as hypertension, diabetes, and cancer.

     

    Government Support for Local Manufacturing

    The Ghanaian government is committed to developing a strong domestic pharmaceutical industry. It has implemented policies to encourage local manufacturing, such as tax breaks and financial support. This is helping to reduce reliance on imported drugs and create jobs in the country.

     

    Digitalization and Technology Adoption

    The adoption of digital technologies is transforming the pharmaceutical industry in Ghana. E-commerce platforms are making it easier for people to access medicines, while telemedicine is expanding healthcare services to remote areas. These trends will continue to drive growth in the market.

     

    GHANA PHARMACEUTICAL MARKET RECENT PARTNERSHIPS

    S.NO  Overview of Partnership Details of Partnership
    1. Ghana and Germany Sign MoU to Boost Local Vaccine Production Ghana and Germany signed a Memorandum of Understanding (MoU) to enhance local vaccine production in Ghana. This partnership aims to establish a vaccine manufacturing facility in Ghana, facilitate technology transfer, and promote joint research and development efforts.
    2.    

     

    GSK and mPharma Partner to Expand Access to Essential Medicines global pharmaceutical company GlaxoSmithKline (GSK) and African healthcare platform mPharma entered a strategic partnership to expand access to essential medicines in Ghana and other African countries. The collaboration focuses on improving supply chain efficiency, ensuring affordability, and enhancing patient outcomes.
    3. Ghana and PATH Join Forces to Combat Counterfeit Drugs Ghana and the global health organization PATH partnered to combat counterfeit drugs in Ghana. This collaboration focuses on raising public awareness, strengthening surveillance systems, and enhancing enforcement measures to protect public health.

     

     

    GHANA PHARMACEUTICAL MARKET SEGMENTATION

    Ghana Pharmaceutical Market By Patient Population

    • Chronic Diseases
    • Age
    • Gender

     

    Ghana Pharmaceutical Market By Product Type

    • Prescription Drug Usage
    • Over-the-Counter Drug Usage
    • Traditional and Herbal Medicines

     

    Ghana Pharmaceutical Market By Distribution Channel

    • Hospital
    • Wholesalers and Distributors
    • Online Pharmacies and E-commerce Platforms

     

    Ghana Pharmaceutical Market By Geographic

    • Urban
    • Rural Areas
    • Cross-Border Markets

     

    COMPANY PROFILE

    • Novartis Ghana Ltd.
    • Entrance Pharmaceuticals & Research Centre – Tobinco Limited.
    • Sanofi Pharmaceuticals
    • Roche Products (GH) LTD.
    • kinapharma Ghana
    • New Global Pharmaceuticals
    • Bayer Healthcare Pharmaceuticals Ghana
    • Danadams Pharmaceutical Industry Ghana Limited.
    • Tobinco Pharmaceutical Limited.
    • Danadams Pharmaceuticals Limited.

     

    THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. What are the opportunities for pharmaceutical companies in the Ghana market?
    2. What is the government’s investment in research and development in the Ghana pharmaceutical sector?
    3. Where is the Pharmaceutical manufactured? What is the average margin per unit?
    4. Market share of GhanaPharmaceutical market manufacturers and their upcoming products
    5. What are the key drivers of growth in the Ghana pharmaceutical market?
    6. key predictions for next 5 years in Ghana Pharmaceutical market
    7. What is the impact of e-pharmacies on the Ghana pharmaceutical market?
    8. Latest trends in Pharmaceutical market, by every market segment
    9. The market size (both volume and value) of the Pharmaceutical market in 2024-2030 and every year in between?
    10. What are the new therapies for non-communicable diseases (NCDs) being developed in Ghana?
    11. What are the key regulations governing the pharmaceutical industry in Ghana?
    12. How do regulatory changes affect the business operations of pharmaceutical companies in Ghana?
    13. What is the level of research and development activity in the Ghana pharmaceutical industry?
    14. What are the opportunities and challenges associated with adopting digital solutions?

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Research Methodology
    4 Executive Summary
    5 Average B2B Price
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Challenges in Ghana Pharmaceutical Market
    14 Impact of Government Policies in Ghana Pharmaceutical Market
    15 Research and Development in Ghana Pharmaceutical Market
    16 New product development in past 12 months
    17 Market Size, Dynamics and Forecast by Geography, 2024-2030
    18 Market Size, Dynamics and Forecast by Demographic, 2024-2030
    19 Market Size, Dynamics and Forecast by Product type, 2024-2030
    20 Market Size, Dynamics and Forecast by Therapeutic Area, 2024-2030
    21 Gross margin and average profitability of suppliers
    22 Competitive Landscape
    23 M&A in past 12 months
    24 Growth strategy of leading players
    25 Market share of vendors, 2023
    26 Company Profiles
    27 Unmet needs and opportunity for new suppliers
    28 Conclusion
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