African Development Bank to establish African Pharmaceutical Technology Foundation

Published Date: July 13, 2022

The African Development Bank has approved the establishment of the African Pharmaceutical Technology Foundation, which aims to promote Africa’s access to technologies for the manufacture of medicines, vaccines and other pharmaceutical products.

The African Pharmaceutical Technology Foundation will be hosted by Rwanda and will include experts on pharmaceutical innovation and development, intellectual property rights and health policy. It will act as a transparent intermediator in advancing and brokering the interests of the African pharmaceutical sector with global pharmaceutical companies to share IP-protected technologies, know-how and patented processes.

The African Pharmaceutical Technology Foundation will prioritize diseases that are widely prevalent in Africa. It aims to build skills, research and development, and the upgrading of manufacturing plant capacities with regulatory quality that meets World Health Organization standards.

The African Pharmaceutical Technology Foundation will operate independently and raise funds from various stakeholders. It is part of the African Development Bank’s commitment to spend at least USD 3 billion over the next 10 years to support the pharmaceutical and vaccine manufacturing sector under its “Vision 2030 Pharmaceutical Action Plan”.

Source : https://www.itweb.co.za/content/LPwQ5MlbzL2vNgkj

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