Africa: AfDB move to cut $14bn yearly spending on imported medicine
NEWS DIGEST – The board of directors of the African Development Bank (AfDB), has on Monday approved the establishment of the African Pharmaceutical Technology Foundation for Africa’s access to technologies.
This was disclosed in a statement released by the bank’s communication and external relations department.
“The establishment of the African Pharmaceutical Technology Foundation will include the manufacturing of medicines, vaccines, and other pharmaceutical products,” the statement reads.
“The World Health Organization (WHO), and the World Trade Organisation (WTO) welcomed the bank’s decision to establish the foundation.”
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The AfDB President, Akinwumi Adesina described the development as a leap. adding that, with Africa importing more than 70 per cent of medicines it needs and consuming $14 billion per year, the establishment of the foundation was a major development.
According to him, global efforts to rapidly expand the manufacturing of essential pharmaceutical products including vaccines in developing countries, particularly in Africa, to assure greater access, had been hampered.
“African pharmaceutical companies have been left behind, with no scouting, negotiation capacity, and bandwidth to engage with global pharmaceutical companies.”
Akinwumi lamented that of 35 companies that recently signed a license with America’s Merck to produce Nirmatrelvir, a COVID-19 drug, none was African.
According to him, no institution exists in Africa to support the practical implementation of Trade-Related Intellectual Property Rights (TRIPs) on nonexclusive or exclusive licensing of proprietary technologies, know-how, and processes.
However, Akinwumi Adesina expressed optimism that the Foundation would fill existing gaps when fully established.
