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98% of Medical Devices Used in Ghana are Imported- FOAMEDDMS Boss

www.nigerianeyenewspaper.com-98-of-All-Medical-Devices-Ssed-in-Ghana-are-Imported
www.nigerianeyenewspaper.com-98-of-All-Medical-Devices-Ssed-in-Ghana-are-Imported

A whooping Ninety Eight Percent (98%) of all medical device, Disposables and equipment products used in Ghana are imported. These include medical consumables, diagnostic imaging equipment, dental devices, orthopaedic products, prosthetics and many more.

This is according to data from the Federation of Africa Medical Equipment, Disposables and Devices, Manufacturers and Suppliers (FOAMEDDMS).

Speaking at a forum organized by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), the Chief Executive Officer of the Federation of Africa Medical Equipment, Disposables and Devices, Manufacturers and Suppliers (FOAMEDDMS) Mr. Anthony Ameka said medical devices constitute the largest product area, accounting for over 60% of all importations within the health sector.

He indicated that globally, medical device industry is poised for steady growth, with global annual sales forecast to rise by over 5 percent a year and reach nearly US$800 billion by 2030. Mr. Ameka further called for rapid action from government and other relevant partners to whip up local production of medical Equipment, disposables and devices.

“Availability of forex is key to this sector because about 98% of medical device products are imported into the country, therefore, the sector requires over $65 million in FX annually,” he said.

He said, the consumable market of the medical devices sector is expected to expand by 2025 CAGR of 12.3% in local currency terms, which should see increase to GHS225.2mn and in USD33.6mn by 2025.

He added that the diagnostic imaging market is also expected to expand by a 2020-2025 CAGR of 11.8% in local currency terms to GHS136.7mn by 2025. As the sector generates most of its revenues in Cedis, fluctuations in exchange rate affects cost of sales. Because of the key player’s exposure to volatility in the local currency to foreign currencies especially the dollar, the use of derivative hedging strategies and forward contracts are employed to minimize the effect of currency fluctuations.

 Ameka also used the opportunity to admonish Indian investors to boost investment in the medical consumables, equipment and devices industry by partnering with local counterparts as Ghana has a strong growth prospect, fueled by the expansion of health infrastructure like government intention to increase health infrastructure under the Agenda 111 District and Regional Hospitals due to the aftermath of the coronavirus pandemic and a growing middle class. The sector requires over $65 million in FX annually” he said.

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