Tanzanian Medical Sector Continues to Prosper with Latest Round of Investment

A group of 38 interested investors including big names like Suma JKT, Africables and Reginald Mengi have earmarked the Tanzanian pharmaceutical sector for investments worth approximately 1 trillion in Medical trade.

Ms. Ummy Mwalimu, the Minister for Health, Community Development, Gender, Elderly and Children has expressed her delight at the news and reserved special praise for President Magufuli for his efforts in attracting such volume of investment into the nation’s pharmaceutical sector.

There remains a huge demand for both the import and export of medicine and medical supplies in Tanzania today. The nations spends a sum of 1 trillion on the annual import of drugs and medical supplies. This new investment will be a major boost for the economy and will reduce drug prices substantially while creating a large number of job opportunities in the process.

Mr. Charles Mwijage, Minister of Industry, Trade and Investment has said that good health will be of prime importance to the administration if they are to achieve the goals laid out in ‘Vision 2025’.

The minister also spoke about how the set-up of factories domestically will help the country relieve some of the pressure on bulk exports and reduce prices for the common citizen. . “We need a strong Tanzanian private sector, we therefore encourage our people to grab the opportunity… the government is working on regulatory reforms to eradicate existing challenges and already the one stop centre is in place,” said Mr Mwijage.

He also revealed that all pharmaceutical entities setting shop in the nation will also have to partner with think tanks for the betterment of the industry. He was quoted saying “Among things needed to put up a factory is technology, capital and market as for the market you already have 1.3trl/- as reference.

We have been informed here of tax exemption incentives of up to 100 per cent on machinery and other things,” he said. The Chairman of the Pharmaceutical Society of Tanzania (PST), Mr Ramadhani Madabida said to procure drugs abroad is politically untenable, socially undesirable and economic unviable. Mr Madabida noted some of the challenges as market access, advising the government to consider the possibilities of paying for locally produced medicines in advance due to financial weakness of the industries.

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