African Development Bank to set up pharmaceutical foundation in Rwanda

Rwanda will host the new African Pharmaceutical Technology Foundation, a venture by the African Development Bank (AfDB) that is expected to boost the continent’s access to technology in manufacturing medicines and vaccines.

AfDB said the foundation is crucial to help African pharmaceutical companies better scout for technologies and negotiate with global pharma to facilitate local production of the fundamental health products that take up to US$14 billion of Africa’s income annually.

AfDB President Akinwumi Adesina said the project includes “revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”

The continent is currently home to about 375 pharmaceutical firms, which produce less than 25 percent of the needed products annually, forcing the countries to import vastly to meet demand.