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Elizabeth Ofosu-Adjare targets 60% market share in new pharmaceutical policy

Elizabeth Ofosu-Adjare, the Minister of Trade, Agribusiness and Industry, has launched a new pharmaceutical manufacturing policy in Accra aimed at transforming Ghana into a regional industrial hub. The strategic initiative seeks to significantly reduce the country's reliance on imported medicines by increasing the market share of locally manufactured drugs from the current 30% to 60%. This shift is part of an ambitious five-year roadmap designed to achieve at least 70% self-sufficiency in the pharmaceutical sector. The policy is specifically engineered to address long-standing structural challenges that have historically hampered domestic drug production. Chief among these are the prohibitive costs of raw materials and the limited access to affordable financing for local manufacturers. By establishing frameworks for closer collaboration with financial institutions and private sector stakeholders, the government intends to attract the necessary capital and investment to modernize existing facilities and build new capacity. Beyond financial and economic interventions, the new policy places a strong emphasis on quality assurance, regulatory alignment, and human capital development. It aims to enhance market access for Ghanaian-made products by ensuring local manufacturers meet international standards, such as those set by the World Health Organization. Additionally, the initiative focuses on skills development to cultivate a specialized workforce capable of driving innovation and maintaining high standards within the industry. The successful realization of these goals will require a coordinated effort between the ministry, regulatory bodies, and industry players. Minister Ofosu-Adjare underscored that the policy is central to the government’s industrialization agenda, promising to create high-value jobs and protect the nation's foreign exchange reserves. As the implementation phase begins, the strategy is expected to provide a more stable and affordable supply of essential medicines for the Ghanaian populace while positioning the country as a competitive exporter in the West African sub-region.