Harare (Zimbabwe), April 28: The Zimbabwean government on Tuesday approved a five-year national strategy to boost the domestic pharmaceutical industry.
The Pharmaceutical Manufacturing Strategy aims to increase the market share of local pharmaceutical products from the current 12 percent to 35 percent, and to expand the exports of pharmaceutical products from 10 percent to 25 percent.
It also seeks to boost local production of essential medicines from 31.5 million U.S. dollars to 150 million dollars and from the current 30 percent to 60 percent by 2025.
The cabinet was aware that Zimbabwe's pharmaceutical sector was troubled by low production due to outdated equipment, cumbersome registration procedures and limited innovation, and the strategy will help resolve the problem, said Information Minister Monica Mutsvangwa.
The strategy, "the first one in the history of Zimbabwe, is envisaged to facilitate the growth of the sector and guarantee affordable medicines for the citizens," she said.
An array of measures will be employed, including boosting competitiveness via tax cuts on raw materials, diversifying production, providing favorable conditions for business, to meet the targets, Mutsvangwa said.
Source: Xinhua