Abidjan, 27 June 2022 (TDI): African Development Bank (AfDB) approves the establishment of the African Pharmaceutical Technology Foundation on Monday.
African Development Bank approved the establishment of the African Pharmaceutical Technology Foundation which gives Africa access to modern technology.
African Development BankP approves establishment of transformative #AfricanPharmaceuticalTechnology Foundation that will enhance Africa’s access to technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products. https://t.co/hcyh22Pe2B [1/3] pic.twitter.com/7xLrdxnPs8
— African Development Bank Group (@AfDB_Group) June 27, 2022
Also, after this breakthrough, the officials of the Bank stated that this step can boost the health System in Africa.
In addition, African Development Bank officials also said that this decision will increase the manufacturing power of African countries.
Moreover, they discussed that the establishment of the Pharmaceutical Technology Foundation will enhance the Pharmaceutical Innovation and Development.
Equally important, AfDB officials stated that this vital decision will prioritize Africa’s interest in technology. Similarly, according to the African Development Bank, the Pharmaceutical Technology Foundation will prepare the region to deal with future pandemics.
Likewise, they discussed that this decision will enable the ecosystem of Research and Development and it will create employment opportunities on a large scale.
Moreover, it was said that now the African Pharmaceutical Tech Foundation will be responsible to raise funds. Also, the Foundation will also hold bilateral talks with International Organizations on this matter.
Furthermore, World Health Organization and World Trade Organization appreciated the decision to approve the establishment of the Pharmaceutical Technology Foundation.
Objective of the African Pharmaceutical Technology Foundation
According to the statement issued by African Development Bank Rwanda will host the Foundation.
Similarly, the main objective of the Foundation is to strengthen local companies and engage with local companies to use technology in Pharma.
In addition, the African Pharmaceutical Tech Foundation also works closely with WHO, WTO, and with EU Commission.
African Development Bank
African Development Bank is a financial institution consisting of 81 countries. The main task of the African Development Bank is to promote economic progress in African Countries. A few months ago African Development celebrated World Health Day.
