CalBank partners Chamber of Pharmacy to support Ghana’s pharmaceutical industry

By InstinctBusiness Apr 14, 2022 0

Indigenous firm, CalBank and the Ghana National Chamber of Pharmacy has formed a partnership to support the creation of a formidable pharmaceutical industry in the country.

This partnership will see the bank supporting the establishment of the ‘’Pharma Park at the Dawa Industrial Enclave and other pharmaceutical developments.

The partnership between CalBank and the Ghana National Chamber of Pharmacy will support the growth of the country’s pharmaceutical sector to significantly benefit from the African Continental Free Trade Agreement.

Managing Director of CalBank, Philip Owiredu disclosed this at the Leadership Conversation Series under the theme: “AfCFTA and the Post Covid Era; the Growth of the Pharmaceutical Sector in Ghana.

“As part of efforts to implement the bank’s target market strategy and also to make significant in- roads in the healthcare sector, the bank has partnered with the Ghana National Chamber of Pharmacy (GNCoP) to among other things, improve the knowledge of stakeholders within the sector through events such as the Thought Leadership Seminar, with the aim of enhancing the understanding of the industry”, he noted.

The forum by the bank therefore seeks to open up opportunities in the trade agreement to stakeholders and industry players in the pharmaceutical industry.

Chairman of the Chamber of Pharmacy Council, Harrison Abutiate, is confident that the concerns of funding will be partly addressed through the partnership.

National Coordinator for AfCFTA Office in Ghana, Dr. Fareed Arthur emphasized the need for the creation of innovative financial products that will support industry players to expand.

Ghana’s pharmaceutical sector was estimated to have a market value of $616 million in 2020. This is expected to increase by $67 million to $683 million by close of year 2022.

This 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.