Aug 18, 2022

Mawazo Writing Africa

Writing about the main

AfDB to set up pharmaceutical foundation in Rwanda

Rwanda will host the new African Pharmaceutical Technology Foundation, an African Development Bank (AfDB) entity aimed at improving the continent’s access to technology in the manufacture of medicines and vaccines.

AfDB said the foundation is vital to helping African pharmaceutical companies better scout for technology and negotiate with global pharmaceutical companies to facilitate local production of the essential health products that account for up to US$14 billion of Africa’s income annually.

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AfDB President dr Akinwumi Adesina said the project involves “transforming Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity and building Africa’s high quality healthcare infrastructure.” p>

The continent is currently home to some 375 pharmaceutical companies that manufacture less than 25 percent of the products they need each year, forcing countries to import at scale to meet demand.

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AfDB says the foundation will now support the “direct implementation of trade-related intellectual property rights (trips) on non-exclusive or exclusive licensing of proprietary technologies, know-how and processes,” which should give pharmaceutical companies a boost in production capacity.< /p>

Read:Covid vaccine patent agreement below expectations

“Even with the decision to waive the trip at the World Trade Organization (WTO), millions are dying – and will most likely continue to die – due to the lack of vaccines and effective protection,” said Dr. Adesina.

The foundation will act as a facilitator advancing the interests of the African pharmaceutical sector, bringing global and other southern pharmaceutical companies to exchange IP-protected technologies, know-how and patented processes.

A burgeoning pharmaceutical industry in Africa, according to WTO Director-General Dr.

Tedros Ghebreyesus, Director-General of the World Health Organization, said the foundation is “a game changer in accelerating African pharmaceutical companies’ access to IP-protected technologies and know-how in Africa.”

Also read:Big pharmaceutical companies tried to sink Africa’s bid to manufacture Covid-19 vaccines locally