SOUTH AFRICA—The BRICS (Brazil, Russia, India, China, and South Africa) coalition has unveiled a new initiative called the BRICS Health & Pharmaceutical Association of Africa (BRICS-HPAA) in South Africa.
The aim of this initiative is to enhance the health systems in Africa and prepare the continent for future pandemics by leveraging the research, development, and technology capabilities of BRICS countries.
A key priority for BRICS-HPAA is to establish a factory for mRNA and traditional vaccine technologies, with the goal of eradicating diseases and pandemics in Africa and BRICS-aligned nations.
The initiative will also focus on improving the use of traditional medicine and utilizing advanced technology from China and India, which have expertise in this area.
Membership in the association will include representatives from various African countries as well as the private sector from all BRICS nations.
BRICS-HPAA will collaborate with the New Development Bank of BRICS to ensure the availability of high-quality medicines, pharmaceuticals, and medical devices at affordable prices for all BRICS-aligned countries, preferably using their local currencies.
During the launch event, Hilton Klein, the chairperson, and CEO of the Numolux Group, emphasized the need for Africa to be prepared in terms of vaccine manufacturing, traditional medicine, and innovation hubs for research and development programs.
He called for regulatory collaboration between South Africa’s Health Products Regulatory Authority and its counterparts in BRICS countries to expedite the approval process for medicine, pharmaceutical products, and equipment.
The initiative will facilitate partnerships between African companies and their BRICS counterparts in research and development, the establishment of vaccine manufacturing plants, and the exchange of knowledge and experiences.
BRICS, initially comprised of Brazil, Russia, India, and China, with South Africa joining later, represents a significant portion of the world’s population and trade.
As of 2022, BRICS countries account for 40% of the global population and 25% of the world’s gross domestic product (GDP).
While each BRICS country has its own unique healthcare characteristics and challenges, they share a commitment to cooperation in the health sector.
The BRICS countries follow a mixed public-private model of healthcare financing and responsibility.
Sub-Saharan Africa continues to face major challenges in healthcare, with only a few countries able to meet the World Health Organization’s recommended minimum expenditure of US$34 to US$40 per person per year for basic healthcare. To meet the region’s healthcare demand, an estimated US$25 to US$30 billion in new investments will be needed over the next decade.
At the fourteenth BRICS Summit, member countries released a joint statement known as the Beijing Declaration, which expressed support for the Africa Continental Free Trade Area (AfCFTA).
AfCFTA aims to promote regional integration, stimulate industrial and infrastructure development, and remove import tariffs in Africa.
The pharmaceutical industry is expected to benefit greatly from the introduction of frictionless trade in Africa, according to a report by the World Economic Forum.
BRICS is committed to assisting Africa in accelerating industrialization and infrastructure development, which are crucial for driving trade and investment on the continent.
The African healthcare sector presents significant investment opportunities, estimated to be worth up to US$259 billion by 2030, according to Africa Health Business.
Leveraging the opportunities offered by AfCFTA, the European Investment Bank has allocated US$55 million for a pharmaceutical investment initiative to reduce dependency on drug imports and address medical supply chain weaknesses related to the COVID-19 pandemic.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
