India bags the title of the largest provider of generic medicines globally. The country has a share of 20% of the global supply volume and contributes to around 60% of the global vaccines. India is third in the world in terms of volume and is the fourteenth largest in value. Key segments of the Indian pharmaceutical sector are Over counter medicines, Generics, APIs, Vaccines, Biosimilars, and Custom Research Manufacturing.
India is the world leader in supplying vaccines like DPT, BCG, and Measles. It also has the highest number of US FDA-approved plants outside the USA. The key USP of the Indian Pharmaceutical Industry is affordable price and high quality, and because of this, India is also sometimes called the “Pharmacy of the World.” The most significant accomplishment of the Indian Pharma Industry is the access to affordable HIV drugs.
On the other hand, Ghana’s healthcare system is confronted with the formidable task of improving and guaranteeing the health and well-being of the Ghanaian people. The health system is responsible for combating illnesses associated with poverty and lack of education; at the same time, it has to deal with a growing population, inadequate funding and resources, and an increasing burden on the healthcare system due to the HIV/AIDS epidemic. The most common diseases in Ghana, according to the Centers for Disease Control And Prevention (2018), are:
Export Statistics from India to Ghana
As with most emerging African countries, Ghana has a negative trade balance. According to the Ghanaian health service, only 30% of the national requirements of pharmaceutical products are produced in Ghana, while the remaining 70% are imported.
As per the Pharmaceuticals Export Promotion Council of India, Ghana’s Pharmaceutical imports were estimated at USD263mn in 2019. This might reach USD312mn by 2024, posting a CAGR of 3.5%. Most pharmaceutical imports, predominantly low-value generic drugs, come from India and the EU.
As per the article published in “New Indian Express,” the pandemic showed us why Ghana is very close to India. We have a similar cultural background and business climate. During the pandemic, Ghana has had many conversations with India, including about pharmaceutical products. In fact, many pharmaceutical products sold in Ghana are manufactured in India. The Ghanian government spoke to the Indian government to arrange the import of Hydroxychloroquine which was helpful in tackling coronavirus.
India-Ghana relationships have traditionally been warm and close on the basis of common history, shared vision, and values.
Ghana is one of India’s essential partners in West Africa.