Fitch Research says the COVID-19 pandemic will affect Ghana's pharmaceutical industry
The coronavirus pandemic poses risks to Ghana's pharmaceutical market growth, according to Fitch Research.
It said a prolonged disruption caused by the coronavirus pandemic in the pharmaceutical supply chains of Indian and Chinese drug makers could negatively impact medicine availability and affordability in Ghana.
“Nevertheless, we still expect the country's pharmaceutical market to post robust growth in the coming years mainly boosted by the ongoing roll-out of universal healthcare.
“We expect pharmaceutical expenditure to post a 10-year compound annual growth rate of 11.4% and grow from GHS3.14 billion (US$585 million) in 2019 to GHS9.26 billion (US$1.55 billion) in 2029”, it said in its latest June 2020 West Africa Monitor Report.
Cases of COVID-19, however, have remained low.
The report said the government has taken proactive measures to limit the potential outbreak and impact on the healthcare system and the economy.
Ghana had earlier set aside US$100 million to enhance its preparedness and response plans against the spread of the coronavirus.
Furthermore, in March 2020, the country closed its borders to travellers from countries with more than 200 reported cases of COVID-19.
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