© 2016 Ramen / David Veg
While many of the countries in West Africa struggle to establish a domestic pharmaceutical manufacturing industry, Ghana is an exception. With a history stretching back to the late 1950’s, Ghana has a well established pharmaceutical manufacturing industry, making it one of only two countries with pharmaceutical manufacturing capability in the sub-region, joining Nigeria. This means that Ghanaian medicines are exported to neighboring countries to bolster the supply of medicine and medical supplies.
Ghana’s strong democratic government plays an important role in promoting the pharmaceutical industry in the country. First, Ghana’s Food and Drug Administration plays a large part by regulating stringent quality standards for domestically produced medicines, giving firms strong incentive to strive for excellence, thereby bolstering the reputation of the country’s products in the region. Secondly, the government incentives and encourages entrepreneurship in the sector with a number of initiatives aimed at facilitating pharmaceutical manufacturing in the country. These include exemption from customs and duties for imported raw materials used in the production of medicine, financial incentives targeted at easing the tax burden on domestic pharma firms, and restrictions on importing pharmaceutical products that the domestic manufacturers produce in high enough numbers to preclude the necessity of foreign goods.
While pharmaceuticals from China and India still beat domestic Ghanaian products on price, the domestic production chain is quickly catching up in efficiency and production capability. With the market ripe for entry by local entrepreneurs, new companies enter the industry on a regular basis. One relative newcomer to the pharmaceutical manufacturing industry in Ghana is Phinas Pharma Ltd., headquartered in Accra.
Phinas Pharma first established itself by entering the nutritional supplement space in 2009, creating products aimed at helping those in the midst of diet and exercise programs improve results in key health markers. These products remain popular today, and are marketed both in wholesale and direct to consumers. © 2016 Ramen / David Veg
The next step for Phinas Pharma is establishing themselves as players in the over-the-counter medicine market. The company is ramping up production capabilities for three key products: an NSAID painkiller, a combination flu remedy, and an emergency contraceptive pill. While the OTC market in Ghana is considered mature, competing for shelf space will establish Phinas Pharma as a household name and give it a foundation on which to build for future growth.
The company, led by General Manager Ms. Freda Bonifacio, focuses on organizational quality in order to ensure growth. The company’s envisions itself, in the long term, becoming the leading manufacturer of health supplements and pharmaceuticals in Ghana, providing affordable and accessible products throughout the country and in the region at large.
In just a few short years, Phinas Pharma has established a major wholesale and retail presence in Accra, Kumasi, and Elubo, and also has activities in the nearby countries of Togo, Ivory Coast, and Burkina Faso. With its focus on customer service and quality, the company is well positioned to expand into more and more product categories and to capture additional market share. By incorporating internationally known best practices in marketing, management, and technology, Phinas Pharma can accelerate its development and join an international community of organizations and businesses that take advantage of quality technology and knowledge.
ABOUT BID AND THE CENTURY INTERNATIONAL QUALITY ERA AWARD:
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