The government is in talks with potential foreign investors over the possibilities of fresh capital injection needed to revive pharmaceutical industries in order to save the much-need foreign currency from imported drugs.

This comes as Zimbabwe is spending millions of US dollars in importing pharmaceutical products, a move that has resulted in the prices of the commodity going beyond the reach of many local consumers.

Challenges by local firms in producing at high capacity levels have also seen dependency on imported drugs rising over the past few years.

The Permanent Secretary in the Office of the President and Cabinet, Dr Washington Mbizvo said in order to ease reliance on imported commodities, the government is therefore interested in reviving the once vibrant pharmaceutical sector, according to

“The desire is there, so we are just making all the frantic efforts to ensure we can be in a position to unlock value from the initiative,” he said.

While opportunities still exist in the pharmaceutical industry, it is the need to create a favourable climate in terms of policy clarity and consistency that will see some external firms either partnering local companies or directly establishing projects within the pharmaceutical industry.

“People just need to know the importance of producing the drugs and the need to attract viable investments that can create jobs,” Dr Mbizvo added.

The huge import bill on pharmaceutical products has constrained the government’s capacity to allocate the limited foreign currency to other productive sectors of the economy.