Browsing: African Pharmaceutical Technology Foundation.

• The African pharmaceuticals market is projected to reach $34 billion by 2027.
• Egypt has been tipped to contribute most to Africa’s pharmaceutical industry’s growth.
• What implication does this change present to global pharmaceutical giants?

Africa pharmaceutical investment is well underway, and for the first time, the continent seeks to produce and distribute medicinal drugs but, what would be the impact on the global industry? “The failures of the global health systems during the COVID-19 pandemic—when export restrictions, lockdowns, and hoarding sent supply chains into frantic disarray—made local manufacturing of pharmaceutical supplies a top priority for African leaders,” notes global health writer Sara Jerving in her report titled New foundation is ready to help African pharmaceutical manufacturers.

Africa pharmaceuticals market reached $25 billion 2022 and is expected to grow at a 6 percent five-year CAGR to reach $34 billion by 2027 reports IQVIA, a global research institute. According to the …

The African Development Bank (AfDB)’s Board of Directors has approved the establishment of the African Pharmaceutical Technology Foundation, a new ground-breaking institution that will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products.

Africa has great potential for drug discovery. The continent has natural resources, indigenous knowledge, and human capacity

AfDB Group President, Dr. Akinwumi Adesina said: “This is a great development for Africa. Africa must have a health defence system, which must include three major areas: revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”

The World Trade Organization and the World Health Organization, respectively, also welcomed and lauded the AfDB’s decision to establish the African Pharmaceutical Technology Foundation.…