The AfDB validates the creation of the African Foundation for Pharmaceutical Technology

AA / Abidjan / Fulbert Yao

The Board of Directors of the African Development Bank (AfDB) has validated the creation of the African Foundation for Pharmaceutical Technology, the banking institution said in a statement on Monday.

African leaders had called on the AfDB to help establish this African Pharmaceutical Technology Foundation, during the African Union Summit held in Addis Ababa in February 2022.

According to the AfDB, this decision opens up new health prospects for Africa which, for decades, has suffered the burden of several diseases and pandemics such as Covid-19, but whose ability to produce its own medicines and vaccines is weakening. turns out to be very limited.

Africa imports over 70% of all the medicines it needs, paying an annual bill of $14 billion.

The foundation, once established, will be comprised of leading experts in pharmaceutical innovation and development, intellectual property rights and health policy.

It will be responsible for promoting and negotiating the interests of the African pharmaceutical sector with multinational pharmaceutical companies and other countries of the South, in order to share technologies, know-how and patented processes protected by intellectual property, underlines the press release.

It also aims to strengthen human and professional skills in the sector, the research and development ecosystem, and to improve the production capacities of factories and the regulatory quality of products to meet the standards of the World Organization. of health.

The Foundation will operate independently, raising funds from various stakeholders: governments, development finance institutions and philanthropic organizations.

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