AfDB approves African Pharmaceutical technology foundation formation
IN a major development for the continent’s medical fraternity, the African Development Bank’s (AfDB) board of directors have approved the establishment of the African Pharmaceutical Technology Foundation, a new institution that will significantly enhance access to the technologies that underpin the manufacturing of medicines, vaccines, and other pharmaceutical products.
The development is in response to calls by African leaders during the African Union Summit in Addis Ababa in February for the pan-African bank to facilitate the establishment of the African Pharmaceutical Technology Foundation.
World Health Organization (WHO)
While the African Pharmaceutical Technology Foundation is being established under the auspices of the African Development Bank, it will operate independently and raise funds from various stakeholders including governments, development finance institutions, philanthropic organizations among others.
The foundation will boost the African Development Bank’s commitment to spend at least $3 billion over the next 10 years to support the pharmaceutical and vaccine manufacturing sector under its Vision 2030 Pharmaceutical Action Plan.
Rwanda will host the African Pharmaceutical Technology Foundation.
Commenting on the establishment, the bank group President, Dr Akinwumi Adesina said it was a great development for Africa.
“Africa must have a health defence system, which must include three major areas:
revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure,” he said.
The decision is a major boost to the health prospects of a continent that has been battered for decades by the burden of several diseases and pandemics such as Covid-19.
The African Union headquarters in Addis Ababa, Ethiopia
Africa imports more than 70 percent of all the medicines it needs, gulping $14 billion per year.
When fully established, the African Pharmaceutical Technology Foundation is expected to have world-class experts on pharmaceutical innovation and development, intellectual property rights, and health policy.
The director-general of the World Trade Organization, Dr Ngozi Okonjo-Iweala hailed the African Pharmaceutical Technology Foundation as innovative and provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa.
Dr Ngozi Okonjo-Iweala
The African Pharmaceutical Technology Foundation will work closely with the African Union Commission, European Union Commission, the World Health Organization, the Medicines Patent Pool, the World Trade Organization, philanthropic organisations, bilateral and multilateral agencies and institutions, and will foster collaboration between the public and private sectors in developed countries and developing countries.-The Chronicle
