The Ghana National Chamber of Pharmacy (GNCoP) has revealed the current economic challenges have affected the pharmaceutical industry.
According to the Association, the industry is on the verge of collapse and has therefore decided to no longer supply drugs on credit.
In this regard, they will supply drugs on a cash and carry basis until the economy stabilises.
The President of the Pharmaceutical Importers and Wholesalers Association, William Adum, made these comments on behalf of the Association at a press briefing.
Admitting the crisis will affect lives and the health of the country, Mr Adum stated they have no option.
“The effect of medicine prices will not only result in challenges with medicine availability and accessibility but most importantly the quality of life of Ghanaians because we all know health is wealth.
“They cannot afford the exorbitantly high cost of medicine … very soon a sizable number of industry players may be forced to fold up or lay off staff,” he said.
The decision will have dire consequences, especially for Ghana’s National Health Insurance Scheme (NHIS) which largely operates on a credit basis.
Mr Addo has, therefore, urged the NHIS and other private health insurance companies to seek funds to purchase medicines on a cash basis for distribution to patients.
“The Minister of Finance and Economic Planning should release funds immediately to pay for long-standing debts over nine months and to push to clear all overdue debts,” he added.