Addis-Ababa — Africa's pharmaceutical industry hardly accounts for 2 per cent of the world's market of medicines but good incentives, innovation and proper regulation could give it a good boost, concluded panelists of an engaging side-event of the on-going Africa Development Week.
Chaired by Ms Fatima HaramAcy, African Union Commissioner for Trade and Industry, the panel discussion on the theme "unleashing the potential of pharmaceuticals in the socio-economic transformation of Africa" particularly reflected on the why and how of mobilising resources to finance the sector.
Africa needs external capital for investment at affordable rates, the panellists noted. Here, China would be ready to enter into win-win partnerships said Ms Si Chen of the Chinese Development Fund.
Meanwhile, some panellists said that for Africa's pharmaceutical industry to develop, member States must create an enabling environment through the easing of access to capital for investment, strengthening the control of regulations governing the industry and easing the access of businesses to expertise and technology. They noted that it was high time the continent protected the sector against unfair competition with sometimes substandard and even counterfeit medicines. Others underscored the need for African States to equip experts of the industry with practical knowledge that will lead to the manufacture of medicines that are compliant with international standards and at competitive costs.
Besides, they recalled two continental initiatives that need to be given a shot in the arm. These are: the Pharmaceutical Manufacturing Plan for Africa adopted by the Heads of State and Government of the African Union and the programme known as "Strengthening Pharmaceutical Innovation in Africa" approved by the Conference of African Ministers on Science and Technology. These initiatives aim at making Africa become less dependent on imported medicines by boosting local production and given people on the continent better access to medication.
Besides Mses HaramAcy and Chen, the discussion was co-facilitated by Mr Souleymane Abdallah of the ECA's Regional Integration and Trade Division, Dr Janet Byaruhanga of the Social Affairs Department of the African Union Commission and Ms Josephine Ngure - Resident Representative of the African Development Bank in Ethiopia.
