The African Development Bank’s Board of Directors has approves the establishment of the African Pharmaceutical Technology Foundation

The African Development Bank’s Board of Directors has approves the establishment of the African Pharmaceutical Technology Foundation

The African Pharmaceutical Technology Foundation, a brand-new ground-breaking organization that will significantly improve Africa’s access to the technologies that support the production of drugs, vaccines, and other pharmaceutical products, has been approved for creation by the Board of Directors of the African Development Bank.

“This is a fantastic development for Africa,” stated Dr. Akinwumi Adesina, President of the African Development Bank Group. Africa has to strengthen its pharmaceutical sector, increase its capacity to produce vaccines, and develop a high-quality healthcare infrastructure. Together, these three areas will make up its health defense system.

The African Development Bank was urged to promote the creation of the African Pharmaceutical Technology Foundation by the leaders of the continent at the February 2022 African Union Summit in Addis Abeba.

“Africa can no longer outsource the healthcare security of its 1.3 billion residents to the goodwill of outsiders,” said Adesina, who made the institution’s case to the African Union.

The African Development Bank has delivered on that promise with this innovative project.

The decision is a huge boost to the continent’s health prospects because it has very little capacity to generate its own medicines and vaccines and has been plagued for decades by a number of diseases and pandemics including COVID-19.

With an annual budget of $14 billion, Africa imports more than 70% of all the medications it requires.

Intellectual property rights protection and patents on technologies, know-how, manufacturing processes, and trade secrets have impeded international efforts to quickly expand the manufacturing of essential pharmaceutical products, including vaccines, in developing countries, particularly in Africa, to ensure greater access.

African pharmaceutical firms lack the scouting, negotiating, and bandwidth necessary to interact with multinational pharmaceutical firms. In the complicated global pharmaceutical developments, they have been neglected and left behind.

To develop Nirmatrelvir, a COVID-19 medication, 35 firms have secured a license with American Merck. They weren’t any Africans.

In order to facilitate the effective application of Trade Related Intellectual Property Rights (TRIPs) on non-exclusive or exclusive licensing of proprietary technology, know-how, and processes, no institution currently exists in Africa.

This critical and obvious gap will be filled by the African Pharmaceutical Technology Foundation.

Once fully operational, it will be staffed with top-tier experts in the fields of pharmaceutical innovation and development, intellectual property rights, and health policy.

It will serve as a transparent middleman, advancing and negotiating on behalf of the African pharmaceutical industry with international and other Southern pharmaceutical companies to share IP-protected technologies, know-how, and patented processes.

Even with the World Trade Organization’s (WTO) TRIPS Waiver decision, millions of people continue to die from a lack of vaccines and reliable protection, according to Adesina.

Africans will benefit from easier access to proprietary technologies, information, know-how, and processes thanks to the African Pharmaceutical Technology Foundation, which offers a workable alternative.

The African Development Bank’s choice to create the African Pharmaceutical Technology Foundation was applauded and supported by both the World Trade Organization and the World Health Organization.

The African Pharmaceutical Technology Foundation represents innovative thinking and action by the African Development Bank, according to Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization.

It offers a portion of the infrastructure required to guarantee the development of an African pharmaceutical sector.

The establishment of the African Pharmaceutical Technology Foundation by the African Development Bank, according to Dr. Tedros Ghebreyesus, Director-General of the World Health Organization, “is a game changer on accelerating the access of African pharmaceutical companies to IP-protected technologies and know-how in Africa.”

The African Pharmaceutical Technology Foundation will give priority to innovations in processes, products, and technologies that are primarily targeted at pandemics and other diseases with a high prevalence in Africa.

Additionally, it will support the improvement of manufacturing plant capacity and regulatory quality to meet World Health Organization requirements, as well as the environment for research and development.

The African Pharmaceutical Technology Foundation will operate autonomously and raise financing from a variety of stakeholders, including governments, development finance institutions, philanthropic groups, and others. It is being founded under the aegis of the African Development Bank.

Under its Vision 2030 Pharmaceutical Action Plan, the African Development Bank will increase its pledge to spend at least $3 billion over the next ten years to support the pharmaceutical and vaccine manufacturing industry.

All other ongoing investments in pharmaceutical manufacture in Africa will benefit from the Foundation’s areas of work as well.

The African Pharmaceutical Technology Foundation will be based in Rwanda. The Foundation, a common benefits institution, will have distinct administrative and governing frameworks.

It will encourage and facilitate partnerships between international and African pharmaceutical firms.

With systematic technology learning and upgrading at the plant level, the African Pharmaceutical Technology Foundation will support regional pharmaceutical firms in their local manufacturing activities.

In order to boost the regional pharmaceutical and vaccine innovation ecosystem for Africa and develop the skills necessary for the pharmaceutical sector to thrive, the Foundation will collaborate with African governments and research and development centers of excellence.

In order to strengthen collaborative ties, capitalize on synergies, and form partnerships throughout all of Africa, it will also encourage greater coordination of the numerous ongoing projects for the manufacturing of drugs and vaccines at the regional level.

The African Pharmaceutical Technology Foundation will maintain close relationships with the African Union Commission, European Union Commission, World Health Organization, Medicines Patent Pool, World Trade Organization, philanthropic organizations, bilateral and multilateral agencies and institutions, and it will promote cooperation between the public and private sectors in developed and developing nations.

»The African Development Bank’s Board of Directors has approves the establishment of the African Pharmaceutical Technology Foundation«

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