BUSINESS and FINANCE

Kenya Loses Over Sh 400 Billion For Lack Of Investment in Pharmaceutical industry

Kenya is losing over 400 billion shillings for not tapping the regions vibrant and ever growing pharmaceutical industry. Despite having huge potential to supply pharmaceutical products to the neighboring countries, the country is still lagging behind.

Kenya is strategically place to be one of the most influential pharmaceutical nation in sub-Saharan Africa is the nation’s focuses on the sector according to reports. The country has potential of supplying products to other sub-Saharan nation’s .currently Kenya imports over 70% of the medicines from other nations abroad such as India. Kenya has the largest number of pharmaceutical manufacturers currently at thirty-four and 14 being shared by the east African nations. According to a recent  summit held in Nairobi the poor standards, lack of specification and inadequate support from the government are some of the features that make the pharmaceutical industry a failure.

Intellectual rights by different manufacturers in the country and slow policy adoption are some of the hindrances to the growth of the sector in the country. With the launch of electronic passports, the east African nation’s rate of business is expected to increase exponentially. Kenya has the largest number of pharmaceutical manufacturers and could be exporting to the region and COMESA. According to data from import sector, sub-Saharan Africa spends up to $ 5.9 billion on medical goods and services. Ethics, safety, and policy adoption are seen as some of the impediments in the Kenyan pharmaceutical products.

The principal secretary in the ministry of health has indicated that the industries should come up with adequate measures to combat any kind of difficulty in the sector. He urged the pharmaceuticals to adhere to quality production and good manufacturing practices if the market is to expand to other regions of the continent. Policies are some of the features that the government should look at especially for upcoming industries.

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