Cost of pharmaceutical products to be increased by 1000% if the Cedi continues its free fall

Cost of pharmaceutical products to be increased by 1000% if the Cedi continues its free fall

Production challenges within the pharmaceutical industry occasioned by the high cost of production will be addressed by the National Health Insurance Scheme.

Mr Barima Sarpong, Spokesperson for the authority revealed in an interview on Citi FM that the authority has not neglected the sector.

The Authority’s response was triggered by a revelation made by the Ghana National Chamber of Pharmacy, Pharmaceutical Wholesalers and Importers Association and Pharmaceutical Manufacturers Association of Ghana that the high cost of production has caused them to revert to the cash and carry system.

Ghana’s prevailing economic conditions, the association reveals have taken a toll on the industry as they have to grapple with high rates involving the production of drugs which in turn they have to pass on to the customer for their business to stay afloat.

Unfortunately, the NHIS’s dependence on government cash inflows in the Cedi which has depreciated and lost its value and also not indexed to the dollar is not helping matters. The NHIS is sticking to the old reimbursements methods for the hospitals and pharmacies.

Madam Lucia Addai, Executive Secretary of the West Africa Manufacturers Association also revealed a 1,000 per cent upward adjustment in pharmaceuticals could be in the offing due to the Cedi depreciation.

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