Africa’s pharmaceutical industry would require $11 billion in investment excluding in infrastructure -AfDB
SIERRA LEONE, Freetown: “Working with global and African stakeholders, the African Development Bank has articulated a 2030 vision and plan to develop Africa’s pharmaceutical industry and maximize its potential,” said African Development Bank Director for Industrial and Trade Development Abdu Mukhtar.
Mukhtar was speaking on behalf of Bank President Akinwumi A. Adesina and informed Heads of State and international leaders on the sidelines of the 76th United Nations General Assembly, that to advance the plan, the Bank had identified “potential nerve centers,” that would anchor hubs in each region of Africa, based on a strong regulatory environment, quality of logistics and transport infrastructure and the dynamism of the private sector. The undertaking would require $11 billion in investment from multiple stakeholders over the next decade, excluding in infrastructure, Mukhtar said in a press statement issued by AfDB.
Representatives of the private sector, international organizations and development finance institutions discussed specific challenges to developing domestic manufacturing capacity, including fragmentation, technology transfer and human capital.
Participants noted the importance of scale given Africa’s fragmented markets, and both the supply and demand of medicines. “Producing countries need to have commitments from neighbouring countries to procure medicines, said Martin Friede,” WHO Coordinator for vaccine research.
“The African Continental Free Trade Area opens new opportunities and creates a $250 billion pharmaceuticals market, with the potential for further growth,” said Amina Mohamed, Deputy Secretary-General of the United Nations.
Stephen Saad, CEO of Aspen Pharmacare, said: “The opportunity to license the intellectual property from Johnson & Johnson would be a game changer.” He also stressed the vital need for greater investment in human capital.
The United Nations Industrial Development Organization (UNIDO) organized the event with the African Union Commission (AUC), the United Nations Economic Commission for Africa (UNECA), the African Development Bank, the AfroChampions Initiative and others.
“The experience of 2020 has highlighted Africa’s vulnerability to supply shocks and underlined the need for greater self-sufficiency in production of vaccinations, essential medicines, diagnostics and other health products,” said Li Yong, UNIDO’s Director General. ZIJ/13/10/2021
By [email protected]