Challenges of Entering New Pharmaceutical Markets in Nigeria and Ghana

Abstract

Background: The pharmaceutical market is renowned for its stringent regulations and continuous production of superior drugs and products intended for human consumption. This study investigates the regulatory landscape of two African countries, namely Nigeria and Ghana, and the challenges of entering these economies as a result of the absence of regulatory harmonisation. The goal is to establish a regulatory framework that will facilitate the introduction of novel medicines and medical supplies into the market.

Method: The research methodology employed involved the collection, processing, and evaluation of empirical evidence. The chosen strategy was qualitative research.

Results: Entering new or foreign pharmaceutical market requires careful consideration, planning, and abiding by the regulatory requirements of the respective countries. Sustained prosperity will be guaranteed by enhancements in quality control and partnerships with local distributors and manufacturers. Partnering with local consultants who are familiar with the regulatory landscape, as well as local laws and policies is crucial. Lastly, it is important to be familiar with regulatory requirements from NAFDAC and the FDA to ensure ongoing compliance with evolving regulations.

Conclusion: Improving the local pharmaceutical market in both countries encourages the entry of foreign international pharmaceutical corporations, thus stimulating the economy of both nations. Local pharmaceutical companies in Ghana and Nigeria can strengthen their competitive edge by increasing barriers to entry. This can be achieved by raising the calibre of goods produced, increasing operational effectiveness, lowering production costs, and engaging in local innovation initiatives. Locals should maximize local government subsidies while utilizing the local context, including the nation's culture and consumer base to their advantage