U.S.$50M WORLD CLASS PHARMACEUTICAL PLANT TO BE BUILD IN GHANA
Beverly Hills Plastic Surgeon, Dr. Michael K. Obeng has reached an agreement with Sushen Medicamentos Private Limited to build a world-class pharmaceutical plant at Akwamu in the Eastern Region.
Sushen Medicamentos Private Limited is a global organization of end-to-end pharmaceutical services with all-embracing experience in pharma projects, management, and development of high-quality pharmaceutical generic products.
The deal comes as a great benefit to Ghana’s pharmaceutical market which currently comprises 30% locally produced drugs and 70% imported products.
To reverse the heavily dominated foreign drugs in the Ghanaian market, the government has emphasized the need to manufacture more locally produced medicines.
The pharmaceutical plant, which is World Health Organisation (WHO) Good Manufacturing Practices (GMP) certified, is expected to take about 14 months to complete.
The first phase of the project, which is estimated to cost USD 5-8million will be completed and up and running in 9 months.
According to the statement, after completion of the first phase, the plant will manufacture medications for the treatment of high blood pressure, diabetes, heart disease (cardiovascular conditions), malaria, and pain.
In a press release issued March 11, 2022, Dr. Obeng who is a Global Health Strategist, said the pharmaceutical plant would manufacture affordable, effective, and quality medications that meet the highest international standards.
According to Dr. Obeng “Our primary objective for this exciting partnership is to strengthen pharmaceutical manufacturing in Ghana and Africa as a whole. This will improve public health outcomes, not to mention the positive economic impact across the African continent,”
These medications, the statement said, would make a vital contribution in curbing and mitigating the challenges and risks associated with counterfeit medications imported from parts of China, India as well as Pakistan.
According to the Africa Report, the latest United Nations Economic Commission for Africa (UNECA) shows that Africa imports more than USD 16 billion worth of medications and medical supplies annually. Most of these medications are generic medications that can be manufactured locally.
Experts say Africa’s pharmaceutical industry has great potential for boosting economic growth and job creation. Given the current sustained and rapid economic growth, the African pharmaceutical industry, like that of other emerging markets, is expected to grow tremendously in the coming years.
The African continent’s pharmaceutical market is projected to grow at a rate of 5.9, reaching a total of USD 25 billion by the end of 2022. It has been predicted that the market will be worth an estimated $56 to USD 70 billion by 2030.
SOURCE: Ghana Today