According to businessman and Chancellor of the University of Cape Coast, Sir Samuel Esson Jonah, the insignificant share of global pharma industry revenue leaves more room for African pharmacists to scale up policies and relevant mechanisms to change the narrative.

The pharmaceutical industry in Africa was valued at US$ 45 billion in 2021 and is projected to reach $60 billion by the end of 2023.

With a population of over 1.4 billion currently representing about 17.89% of the global total, Africa accounts for only about 3% of the global pharmaceutical market.

Speaking at the 2023 Annual General Conference of the Pharmaceutical Society of Ghana (PSG), under the theme: Pharmacist for National Development, Sir Samuel Esson Jonah encouraged Pharmaceutical Manufacturing Companies in Ghana to see the brighter side of every challenge and proffer solutions that will transform the economy.

“Africa’s share of the global pharmaceutical market is comparatively negligible. Therein lies the opportunity for growth. So, what is holding you back?” he said.

“The entrepreneurial and risk-aggressive among you must move decisively to form partnerships with established foreign companies with the purpose of acquiring much needed technology and liquidity through foreign direct investment,” he added.

Sir. Sam Jonah also encouraged pharmacists across the country to leverage the emergence of Artificial Intelligence (AI) to better position the pharmaceutical industry for economic growth.

This, he explains can be achieved by deepening collaborations with other technological bodies to offer world class pharmaceutical output for consumers emphasizing the critical role played by artificial intelligence in all sectors of the economy.

“Today, artificial intelligence, machine learning, robotics, and big data have revolutionized research and learning, driving production and service delivery in ways we have never seen before. In the wake of these developments, predictions are being made that some professions and skills groups risk being replaced in the job market,” he said.

“I encourage you to apply the new technologies to indigenous health and knowledge systems, build upon them and produce world-class pharmaceutical output from them. This will require collaboration with other bodies including state and non-state actors,” he urged.