With African nations in desperate need of economic boosts, reinventing the continent’s pharmaceutical “wheel” as a contributor to development has become critical. This crucial venture requires public and private participation and, of course, the willingness of the West’s Big Pharma!
Most Africans lack the means to seek qualified healthcare providers for quality medication. People turn to self-help and alternative medicine to avoid medical expenditures, which are often out of reach. With less than 400 drug manufacturers to cater to the more than 1.3 billion people on the continent, millions of Africans die or suffer from protracted illnesses without consistent access to even the most essential medicines. Widespread ill health can trap people in poverty, as healthier people are more productive.
The pandemic's effects have exacerbated Africa’s healthcare crisis in the last two years. The situation has captured the attention of investors who noted the gap between supply and demand in the pharmaceutical sector. Apart from increasing healthcare results to have more productive individuals in the economy, boosting Africa’s pharmaceutical industry may generate enormous economic value.
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