Ghana—March 11, 2022—Global Health Strategist, humanitarian, philanthropist and Beverly Hills Plastic Surgeon, Dr Michael K. Obeng has reached an agreement with Sushen Medicamentos PVT. LTD., to build a World Health Organisation (WHO) Good Manufacturing Practices (GMP) certified, world-class pharmaceutical plant in Akwamu, Ghana. The $50million USD pharmaceutical plant will take approximately 14 months to complete and will employ 120-150 people. The first phase of the project which is estimated to cost $ 5-8million USD will be up and running in 9 months once construction commences.
Akwamu is located in Asuogyaman District in the Eastern Region of Ghana, nestled in between the famous Volta River, the iconic Akosombo Dam and the symbolic mountainous ridges of the Eastern Region.
The pharmaceutical plant is set to manufacture affordable, effective, and superior quality medications that meet the highest international standards. After the completion of the first phase, this plant will manufacture medications for the treatment of high blood pressure, diabetes, heart disease (cardiovascular conditions), malaria and pain. These medications will make a vital contribution in curbing and mitigating the challenges and risks associated with counterfeit medications imported from parts of China, India as well as Pakistan.
SUSHEN Medicamentos Pvt. Ltd. (SUSHEN), is a dynamic, global organisation of end-to-end pharmaceutical services with an all-embracing experience in pharma project management and formulation development of high-quality pharmaceutical generic products.
“If there’s one thing that the pandemic has taught us is that Africa is fertile with innovation and there’s a massive opportunity for the continent to transform its healthcare. With our broad experience in pharmaceutical product development, we are thrilled to be part of this vision”, said Tapan Shah, Executive Director at Sushen Medicamentos.
According to the Africa Report, the latest United Nations Economic Commission for Africa (UNECA) shows that Africa imports more than $16 billion USD worth of medications and medical supplies annually. Most of these medications are generic medications, that can be manufactured locally. The African continent’s pharma market is projected to grow at a rate of 5.9%, reaching a total of $25 billion USD by the end of 2022. It has been predicted that the market will be worth an estimated $56 to $70 billion USD by 2030.
Africa’s pharmaceutical industry has great potential for boosting economic growth and job creation. Given the current sustained and rapid economic growth, the African pharmaceutical industry, like that of other emerging markets, is expected to grow tremendously in the coming years.
The Ghanaian pharmaceutical market is made up of approximately 30% locally produced drugs and 70% imported products. However, the Ghanaian government has emphasised the need to manufacture more locally produced medicines over the next decade, an ambition it shares with many African governments. Ghana’s pharmaceutical manufacturing sector directly employs approximately 5000 workers and about 10 manufacturers account for 80% of the total industry output. MIKO Pharma will be adding to this, thereby boosting this sector of the economy, and at the same time making medications affordable for Ghanaians.
“Our primary objective for this exciting partnership is to strengthen pharmaceutical manufacturing in Ghana and Africa as a whole. This will improve public health outcomes, not to mention the positive economic impact across the African continent”, says Dr Michael K. Obeng, Founder and CEO of MIKO Pharma.
“Drugs by Africans for Africans remains a bold vision of mine for our continent to promptly and constructively add to the growth of the pharmaceutical sector through manufacturing, processing and harnessing the collective power of Africa as well as to put forward the agenda of “pharmaceutical emancipation” because I believe that a healthy nation is a wealthy nation”, concludes Dr. Obeng.
For more information or media enquiries, please contact:
R.E.S.T.O.R.E Worldwide Inc | MIKO Pharma
+27 71 787 7002