The Economic Gains and Societal Impact on the Manufacturing of the Plant Concept: The progress of the rollout of universal healthcare in Ghana will be the main driving force behind pharmaceutical and healthcare spending in the country. However, it’s important to note that cost-containment policies will remain prominent and limit opportunities for multinational drugmakers in the country.
With such vast opportunity growth throughout the Sub-Saharan African countries for the pharmaceutical sector and availability of the infrastructural development of Palopah Agricultural Industrialization Technology Park (PAITP – Darmstadt) WEL management taking it as impeccable opportunities by leveraging on the current market trend to be the leading player to establish Multi-Purpose Pharmaceutical Manufacturing Plant by year-end of 2025.
The statical indications demonstrate the heightened growth in the pharmaceutical market and will therefore continue to attract massive growth within 2021 through 2030 with support from the government tax exemption coupled with a 1D1F unique Initiative from His Excellency President of the Republic of Ghana in the coming years by government plans to roll out universal healthcare.
However, cost-containment measures will likely mean a slower pace of growth in the sector, although domestic generic drug makers are likely to see increased opportunities in the long term as an effort to boost the industry materialize. With the African Union trade policy that established Africa’s free trade area, investment in pharmaceuticals means impact and profit. The establishment of multi-million euros approximately amount €500.00 Million of the Multi-Purpose Pharmaceutical Manufacturing Plant with the development Project Establishment namely: PharmTech Ghana Limited by the end of 2026
Pharmaceutical sales in Ghana reached USD589mn in 2019, and forecasted figures show a rise to USD620mn in 2020. Looking further forward, by 2024 it is expected sales to achieve a compound annual growth rate (CAGR) of 9.8% to SD941mn. This almost double-digit growth rate is characteristic of many pharmaceutical markets in Sub-Saharan Africa, where robust growth in medicine sales will be driven mainly by increased volume consumption within the generic medicines sub-sector.