Thursday, 7 April 2016

Drive to Increase Local Production of Drugs Presents Vast Opportunities for Ethiopian Pharmaceuticals

Drive to Increase Local Production of Drugs Presents Vast Opportunities for Ethiopian Pharmaceuticals
Government offers tax incentives to increase in-country production of medicines and improve healthcare, finds Frost & Sullivan   The Government of Ethiopia is offering tax and loan incentives to encourage local pharmaceutical production that will ultimately reduce the cost of drugs, increase job opportunities, improve economic growth and enhance foreign exchange inflow.

Ethiopia has previously relied heavily on pharmaceutical imports - or international manufacturers with a footprint in the country - to meet a growing consumer demand for medicine. As a result, several initiatives will be rolled out to improve the quality of healthcare in the country, owing to a large gap in the supply and demand of drugs.    

“The Government has encouraged local pharmaceutical production with tax-free loans for up to five years and a 100 percent exemption on custom duty for imports on capital goods,” said Frost & Sullivan Industry Analyst for Transformational Health (http://www.Frost.com), Aditi Bhalla. “Furthermore, an income tax exemption for five years is provided to manufacturers exporting 50 percent of their products, or supplying 75 percent of their products or services as production or services input. The time for production registration has also been reduced to a month for local manufacturers.” Read more...

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