Key players in Ghana’s pharmaceutical sector have committed to reducing medicine prices following recent gains in the value of the Ghanaian cedi.
This follows a high-level forum convened by the Pharmaceutical Society of Ghana (PSGH) on the theme, “The Impact of the Strengthening of the Cedi on the Price of Medicines.” The forum brought together representatives from the Pharmaceutical Importers and Wholesalers Association (PIWA), Pharmaceutical Manufacturers Association of Ghana (PMAG), Pharmacy Owners Association-Ghana (POA-GH), Community Practice Pharmacists Association (CPPA), and the Government and Hospital Pharmacists’ Association (GHOSPA).
The aim was to build consensus and develop a collective plan to ensure patients benefit from the cedi’s appreciation through lower medicine costs.
After extensive discussions, stakeholders acknowledged the complex pricing mechanisms involved in pharmaceuticals, including forex exposure, production costs, and existing inventory procured at higher exchange rates. Nevertheless, they outlined specific measures and timelines for price reductions:
- PMAG pledged a 10–15% reduction in the prices of locally manufactured medicines by end of June 2025.
- PIWA committed to 5–10% price cuts on imported medicines within 1–2 weeks of the forum.
Stakeholders explained that due to the intricate supply chain – where both raw materials and finished products are often imported – the full impact of the cedi appreciation would take 3 to 6 months to reflect in retail prices.
Community and hospital pharmacies also agreed to adjust their markup prices accordingly in alignment with reductions from manufacturers and wholesalers.
PSGH announced that it would monitor implementation and engage the National Health Insurance Scheme (NHIS) to support realignment of pricing structures.
The forum concluded with a call for a coordinated national strategy involving regulators, the health sector, and financial institutions to ensure long-term stability and fairness in medicine pricing.
The meeting was chaired by PSGH President, Pharm. Dr. Samuel Kow Donkoh.
Source: Ghana/Starrfm.com.gh/Risa Wyettey Cofie
