The Board of Directors of the African Development Bank (AfDB), has approved the establishment of the African Pharmaceutical Technology Foundation.
AfDB has approved the establishment of the foundation to enhance access to technology in Africa that has underpinned the manufacture of medicines, vaccines, and other pharmaceutical products.
AfDB group president, Dr. Akinwumi Adesina, Lauding the initiative, said: “This is a great development for Africa. Africa must have a health defense 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.”
African leaders had earlier in February urged AfDB to facilitate the establishment of the African Pharmaceutical Technology Foundation.
“Africa can no longer outsource the healthcare security of its 1.3 billion citizens to the benevolence of others.” With this bold initiative, the African Development Bank has made good on that commitment,” Adesina stated further.
Adesina said: “Even with the decision of the TRIPS Waiver at the World Trade Organization (WTO), millions are dying -and will most likely continue to die – from lack of vaccines and effective protection. The African Pharmaceutical Technology Foundation provides a practical solution and will help to tilt the access to proprietary technologies, knowledge, know-how, and processes in favor of Africa.”
The World Trade Organisation (WTO), and the World Health Organisation (WHO), respectively, welcomed and lauded the African Development Bank’s decision to establish the African Pharmaceutical Technology Foundation.
“The African Pharmaceutical Technology Foundation is innovative thinking and action by the African Development Bank. It provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa,” said Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala.
The Director-General of WHO, Dr. Tedros Ghebreyesus, said “Establishing the African Pharmaceutical Technology Foundation, by the African Development Bank, is a game-changer on accelerating the access of African pharmaceutical companies to IP-protected technologies and know-how in Africa.”
In its official statement, AfDB said the foundation will boost the Bank’s commitment to spend at least $3bn over the next 10 years to support the pharmaceutical and vaccine manufacturing sector under its Vision 2030 Pharmaceutical Action Plan. The Foundation’s areas of work will also be an asset to all other current investments into pharmaceutical production in Africa.
“Rwanda will host the African Pharmaceutical Technology Foundation. A common benefits entity, the Foundation will have its own governance and operational structures. It will promote and broker alliances between foreign and African pharmaceutical companies.
“The African Pharmaceutical Technology Foundation will strengthen local pharmaceutical companies to engage in local production initiatives with systematic technology learning and technology upgrading at the plant level,” the statement added.
Africa imports more than 70 per cent of all the medicines it needs, accounting for $14bn per year.
