According to a release sent to metrobusinessnews.com by APO Group on behalf of African Development Bank (AfDB), a while ago, the meeting was attended by several African heads of state, health, finance and trade ministers from across the continent, as well as officials from global financial institutions, foundations, pharmaceutical manufacturers, business leaders, and the general public.
The African Development Bank was represented by Solomon Quaynor, Vice President Private Sector, Infrastructure and Industrialization.
Although Africa consumes approximately one-quarter of global vaccines by volume, it manufactures less than 1% of its routine vaccines, with almost no outbreak vaccine manufacturing in place. The region lags behind in procuring vaccines amid a global scramble for the medicines among wealthier nations. Thus far, only around 2% of the world’s vaccination against Covid-19 has taken place in Africa.
The need for a new public health order in Africa, which promotes domestic vaccine manufacturing, epidemic preparedness and upgraded healthcare systems to meet the needs of the world’s fastest-growing population, was the conference’s main objective.
The African Union and the Africa CDC said they would continue to work with all stakeholders to identify implementable actions, financing needs and timelines to competitively produce vaccines in Africa.
Quaynor noted that the current undertaking would require immense investment. “Vaccine manufacturing, because of its complexity, is not really an entrepreneurial drive but actually an institutional drive,” he added.
The African Development Bank is working with global and African stakeholders, to articulate a 2030 vision for Africa’s Pharmaceutical Industry in response to several calls received from African Heads of State, who have expressed a strong political will. This vision aligns with its “industrialize Africa” priority strategy.
The vision will build on previous efforts to produce a continental plan of action to boost local African pharmaceutical manufacturing capacity, such as the Pharmaceutical Manufacturing Plan for Africa adopted in Abuja in January 2005 and the Pharmaceutical Manufacturing Plan for Africa (PMPA), prepared by the African Union Commission and the United Nations in 2012, to assist local manufacturers with pharmaceutical production.
Quaynor said Africa could count on the African Development Bank’s support to secure Africa’s health defense system. “Leveraging on our comparative advantages, we will both provide upstream support to governments on the enabling environment, as well as provide financing to private sector and PPPs both indirectly through some of our private equity investee funds and directly through lending, and credit and risk guarantees. We will also use the Africa Investment Forum to bring in all relevant stakeholders and partner DFIs into bankable opportunities…”
The 2030 vision for Africa’s pharmaceutical industry would also work with pharmaceutical industry associations in Africa to create capacity development links between universities and industry in Africa, and work with African scientists in the diaspora, Quaynor said in remarks made on behalf of African Development Bank President Akinwumi A. Adesina.
