APTF’s initiative supports African pharmaceutical companies – minister

The African Pharmaceutical Technology Foundation (APTF) initiative will play a significant role in supporting African companies in the pharmaceutical field, which requires high functioning technology, said Rania Al-Mashat, Minister of International Cooperation on Monday.

Al-Mashat’s comments came during the African Development Bank Group (AfDB)’s Annual Meetings 2023 held at Sharm El-Sheikh between May 22 to 26, where discussions between the African Union and the AfDB about launching APTF took place.

The discussions identified the importance and role of the foundation, as well as its method to boost Africa’s potential in manufacturing drugs and vaccines.

The AfDB President, Akinwumi Adesina, Senior Advisor on Pharmaceuticals and Health, Padmashree Gehl Sampath, Director of Communication and External Relations, Victor Oladokun,  African Development Bank Governor, Baerbel Loeffler, were among the participants.

She has stressed on Egypt’s support of the AfDB’s initiatives to boost innovation and developing healthcare and pharmaceuticals, as well as the cooperation between South African countries and the trilateral cooperation, to achieve the 2063 African development Agenda.

Al-Mashat referred to management consulting company, McKinsey & Company’s 2015 report, which highlighted the sole potential of the African pharmaceutical market to still achieve a high growth rate.

The minister also mentioned that the pharmaceutical market in Egypt has reached three billion dollars, and is expected to grow even more, with the governmental efforts to reform the pharmaceutical field in Egypt.

Al-Mashat concluded her remarks by stating that Egypt has been focusing on attracting foreign investments and investment projects in order to localise the industry.

Egypt has launched Gypto Pharma, a medicine city, in 2021, as a way to become a regional pharmaceutical center.