Africa should invest in the local manufacture of low-cost generic anti-malaria medicines according to African Development Bank (AfDB) president, Akinwumi Adesina.
He said that local manufacture would make the anti-malaria medicine affordable for most African families and pointed out that at least 79% of the malaria drugs consumed in Africa were currently imported from India and China.
“African entrepreneurs – especially those already active in the pharmaceutical industry – should be able to reduce this startling trade deficit by investing in local manufacturing of generic medicines,” said Adesina.
He believes that Africa’s pharmaceutical market could grow from US$30 billion in 2016 to US$40 billion in 2020 due to the large proportion of Africans buying malaria medicines and treatments.
He also pointed out that malaria was bad for business on the continent.
“Malaria strains national economies and impoverishes households,” he added. “The economic impact of the tropical disease is estimated to cost Africa US$12 billion every year, impacting some nations’ gross domestic product by as much as 5-6%.”
