Accra, July 14, GNA - Ghana's Pharmaceutical Manufacturing Industry is nurturing the ambition to become the regional hub for the 250 million ECOWAS market.

Dr Michael Agyekum Addo, President of Ghana Pharmaceutical Manufacturing Association, who made this known in Accra on Tuesday said there was however the challenge of inadequate access to competitive investment capital and non-competitive pricing, high taxes, cost of freight, unclear and difficult payment terms and above all, different regulatory regimes in the sub-region.

Speaking at the opening of a multi-stakeholders' roundtable on improving access to medicines through the development of the pharmaceutical industry, Dr Addo said the dream would reverse the dependence on pharmaceutical products from India and China. The meeting, convened by the Ministry of Trade and Industry (MOTI) in conjunction with a global UNIDO project entitled "Strengthening the local production of essential generic drugs in developing and least developed countries", enabled manufacturers to exchange ideas and perspectives on the vision for the pharmaceutical sector.

Dr Addo said the meeting, attended by local manufacturers, discussed the way forward in the pharmaceutical sector. He complained of the high cost of borrowing which he said was between 30 per cent and 33 per cent, coupled with the high cost of utilities, lack of pool procurement and economics of scale and the zero rating Valued Added Tax (VAT), which normally locked up capital. He called on members to facilitate technology transfer and south-south co-operation, improved international Good Manufacturing Practice standards which he said was a process.

"Government's support from industrial funds and foreign grants can help develop the raw material base, machinery, cost competitive investment capital and bioequivalence centre.

NEPAD's strategic document notes that Africa remains far too dependent on importation of essential drugs. Support to the industry will make drugs more affordable and accessible and increase industrial development", he added.

The Minister of Health, Dr George Sipa Yankey in a speech read on his behalf said his sector Ministry recognized that Science and Technology played a pivotal role in meeting health related objectives on accessibility and availability of drugs, vaccines, diagnostic systems and improved access to medical information.

He said the Ministry also recognized that the supply and access to efficacious, safe, quality and affordable essential medicines, development of the internal capacity and technological improvement in the local pharmaceutical manufacturing industry, were critical though more than 80 per cent of pharmaceutical manufacturing activities in the ECOWAS region were concentrated in Ghana and Nigeria. "At present the local pharmaceutical industry is providing between 20-30 per cent of the local essential medicine needs", he said. The Health Minister assured manufacturers that the Ministry was working closely with the Ministry of Finance and Economic Planning to re-examine the payment of VAT up-front as opposed to the zero rating for pharmaceutical raw and packaging materials.

"Additionally, the Ministry would encourage external commercial financial investors to participate in the sector. Discussion will continue to be held with the Export Development and Investment Fund and other funds created by government to support viable industries. The Ministry is prepared to provide technical assistance to companies that makes the effort", he said, and urged pharmaceutical manufactures to go for public offers at the Stock Exchange to enhance their recapitalization.

Ms Hannah Tetteh, Minister of MOTI, who presided, urged manufacturers to develop a strategy to ensure improve access to essential and quality generic dugs for endemic diseases such as HIV/AIDS, malaria and tuberculosis. 14 July 09