IVORY COAST— The International Finance Corporation (IFC) has extended two credit facilities totalling US$53.49 million to the Chinese pharmaceutical group, Shanghai Fosun Pharma to build a drug manufacturing facility and distribution in Abidjan, Côte d’Ivoire.
The manufacturing site will be completed in three phases and will produce anti-bacterial medicines and anti-malarial drugs.
Its estimated production capacity on completion is five billion tablets per year.
Fosun Pharma announced that the new facility will improve access to affordable life-saving drugs across West Africa and facilitate the transfer of medical and manufacturing knowledge to the African continent, supporting the long-term growth of the health sector in the region.
Fosun Pharma chairman Wu Yifang stated, “We are glad to be supported by IFC to localize pharmaceutical manufacturing and distribution in Africa.”
Mr. Yifang noted that since 2006, IFC has repeatedly provided support to Fosun Pharma, which is committed to ensuring the continuous accessibility and affordability of pharmaceutical products and improving the resilience of healthcare supply chains in the region.
IFC Africa vice president Sérgio Pimenta said, “Strengthening Africa’s healthcare infrastructure and capabilities is absolutely essential for the continent’s future social and economic development, especially in the wake of Covid-19.”
Pimenta also acknowledged IFC’s partnership with Fosun will increase Africa’s ability to manufacture essential drugs locally, helping patients more easily access high-quality, affordable medicines.
As the first Chinese drug brand widely recognized in Africa, Artesun (Artesunate for Injection), was independently developed and manufactured by Fosun Pharma.
It has treated over 56 million patients with severe malaria worldwide by the end of 2022, which is now a prime example of innovative medicinal products developed in China serving the world.
As one of the world’s largest antimalarial drug manufacturers, Fosun Pharma is a major antimalarial drug supplier to the Global Fund, UNICEF, WHO, and national drug procurement centers in Africa.
Fosun Pharma has built a mature sales network and possessed upstream and downstream customer resources in the English-speaking and French-speaking regions of sub-Saharan Africa.
It is a global innovation-driven pharmaceutical and healthcare industry group and Fosun Pharma directly operates businesses including pharmaceuticals, medical devices, medical diagnosis, and healthcare services.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.
IFC works in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
In the fiscal year 2022, IFC committed a record US$32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
Improving pharmaceutical production in Africa
Currently, the World Bank observes that Africa accounts for only 3% of global pharmaceutical manufacturing, and about 70 – 80% of medicines in Sub-Saharan Africa are imported.
The UN Africa Renewal publication notes that pharmaceutical products are currently manufactured in countries such as South Africa, Kenya, Morocco, and Egypt.
Meanwhile, China and India are countries with similar populations but as many as 5,000 and 10,500 drugmakers, respectively.
A recent report by McKinsey Consulting focusing on sub-Saharan Africa offers a systematic analysis of the potential business, economic, and public health impact, and feasibility of local production of pharmaceuticals in the region.
Indeed, the lack of access to quality medicines drives up mortality and the supply of safe, efficacious, and affordable medicines across the continent is, therefore, an ethical imperative.
African Development Bank (AfDB) has announced the establishment of the African Pharmaceutical Technology Foundation to transform the indigenous African pharmaceutical industry.
The institution is the latest effort to enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products and decrease the continent’s reliance on importation.
The new foundation, which will raise its own funds and operate independently of AfDB, will be hosted in Rwanda and deal with IP rights and health policy.
Another new pharma initiative in the continent is 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.
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