Ghana Pharmaceuticals Market Report | Goldstein Market Intelligence

Goldstein

TM

Market Intelligence

AUGUST 2020

REVOLUTION OF GHANA PHARMACEUTICALS MARKET Goldstein Market Intelligence

WRITTEN BY: Dennis Abraham Vice President Goldstein Market Intelligence

Goldstein

TM

Market Intelligence

INTRODUCTION Ghana is one of the most attractive markets of SubSahara Africa for the supply of pharmaceuticals & investment opportunities. The average life expectancy in Ghana is 60.9 years. The highest population of Ghana are in the lower-middle class segment. The governments of Ghana has established healthcare improvement & expansion as one of the most important pillars of its economy. The country has dependency on import of pharmaceuticals.There is presence of nearly every disease which is endemic to Sub-Sahara Africa such as cholera, pulmonary tuberculosis, typhoid, chicken pox, infectious hepatitis, yellow fever, measles, malaria, and schistosomiasis 50 100 40 75

Global Vehicle

30

Sales (In million Ghana Antihelminthic Drugs - Market Size USD (Million), Y-O-Y Growth units) Rate (%) & CAGR (%), 2017-2025

50 20 25 10

2018

2019

2020

20 17 e 20 18 e 20 19 20 f 20 f 20 21 f 20 22 f 20 23 f 20 24 f 20 25 f

0 0

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Goldstein Market Intelligence

But still the government is taking effective steps & there is considerable growth in middle class population & Ghana expatriates. Moreover, in the past 3 decades indigenous companies had invested heavily and have expanded the Ghana capacity.

The pharmaceutical sector in Ghana comprises of public and private interests. The hub of the pharmaceutical wholesale market is clustered around the Accra suburb of Okashie.

Pharmaceutical wholesalers in this suburb supply medicines and other pharmaceutical products to over 1,000 registered pharmacies and over 7,000 chemical sellers operating in small towns and villages across the country. The private sector wholesale market is often to be an important player in the sector.

However, its role and functions beyond narrow commercial interests are not well known.

GHANA ANTIHELMINTHIC DRUGS MAJOR FINDINGS

Ghana has strong economic growth that sparks a rush of enthusiasm for opportunities popping up in pharmaceutical market. Yet various multinational pharma companies are struggling to establish their foot in the country. Although the recent economic downturns has changed the scenario in Nigeria, but the opportunities for pharmaceutical market are still attractive for the market player with a vision and ability to adopt challenging & creative strategies. Being the Africa’s largest economy, highly populated, & largest consumer market, Nigeria is now regarded as the next frontier for pharmaceutical market. ŠGOLDSTEIN MARKET INTELLIGENCE

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Goldstein Market Intelligence

The pharmaceuticals industry is expected to reach $1 billion in value by end of 2018, but 70 percent of pharmaceutical products used in the country are imported., Ghana has struggled over scarcity of foreign exchange, which has led to hiking cost of imported drugs by as much as 200%. Nearly 98% of the drugs supplied across Ghana are imported, majorly from India & China.

Thus there is high demand of Made-in-Nigeria pharmaceuticals.

Raising of Finance (Via the capital markets) Research (Target identification, synthesis & screening of molecule, in vitro and in vivo testing, initial testing in man) Development (Clinical trials, submission of new drug application to regulators) Manufacturing & Distribution (Process development, scale-up, commercial production, shipping to warehouse) Marketing & Sales (Development of promotional materials, detailing, account & brand management) .

The ghana pharmacuetical market outlook by distribution channel in 2017 has increased quiet a small amount than 2025.

The market share is 39.67% in 2017 and 40% in 2025.The least growth is in FM Services which is 3.82% in 2025.The morocco pharmaceutical sector by market share by distribution channel is considered the maximum we can see in the 2025, i.e 18.42USD(Million) and least in 8.94USD(Million)in 2017.This increase is due to the entry of different industries which lead to the growth of the country. The largest industry we can see is construction .

The market size has increased from 2017-2025.The market size in 2017 was 5.86% and in 2025 was 12.03%.The constant rise in the market size leads to continuous rise in demand and supply.

The growth rate in 2017 was 7.86% and in 2025 was10.14% .

The total CAGR % was 9.40% for 2017-2025.The CAGR% remains constant for both the online and offline distribution channels. ŠGOLDSTEIN MARKET INTELLIGENCE

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Goldstein Market Intelligence

The pharmaceutical sector in Ghana comprises of public and private interests. The hub of the pharmaceutical wholesale market is clustered around the Accra suburb of Okashie.

Pharmaceutical wholesalers in this suburb supply medicines and other pharmaceutical products to over 1,000 registered pharmacies and over 7,000 chemical sellers operating in small towns and villages across the country. The private sector wholesale market is often to be an important player in the sector.

However, its role and functions beyond narrow commercial interests are not well known.

The pharmaceutical sector in Ghana comprises of public and private interests. The hub of the pharmaceutical wholesale market is clustered around the Accra suburb of Okashie.

Pharmaceutical wholesalers in this suburb supply medicines and other pharmaceutical products to over 1,000 registered pharmacies and over 7,000 chemical sellers operating in small towns and villages across the country. The private sector wholesale market is often to be an important player in the sector. However, its role and functions beyond narrow commercial interests are not well known.

750 Prepaid Private Spending Out-of-Pocket Spending

500

Government Pocket Spending Development Assistance for Health

250

0

2015

2040

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Goldstein Market Intelligence

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About the author Dennis Abraham Ph.D, senior vice president at Goldstein Market Intelligence, leads GMI's syndicated health and wellness research. Before joining Goldstein Market Intelligence, Dennis held a variety of senior leadership positions in global and regional consulting roles covering consumer and retail insights across a broad range of healthcare categories. Dennis has been providing crosscategory strategic insights to healthcare brands for over 12 years on topics including digital disruption, ecommerce, and healthcare technology. Dennis holds a Ph.d from Havard University.

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