Share
Understanding the economics of COVID-19 vaccination in Africa
Africa’s existing vaccine market, estimated at $1.3 billion, is expected to reach a value of up to $2.35 billion by 2030, supported by population growth, expanded vaccination and new products being required. Nonetheless, the African Vaccine Manufacturing Initiative estimates that the continent can currently produce less than one per cent of its vaccine needs. JP Fabri, Founding Partner, Seed Consultancy joins CNBC Africa for more.
Wed, 23 Jun 2021 10:07:48 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Africa's vaccine market is projected to grow to $2.35 billion USD by 2030, but the continent currently produces less than 1% of its required vaccines, relying heavily on imports.
- Challenges in vaccine manufacturing in Africa include dependence on international players, lack of domestic manufacturing capacity, and barriers in procurement processes managed by UN bodies.
- Opportunities for local vaccine manufacturing include the establishment of regional hubs, advancements in manufacturing technology, and renewed support from international entities like the European Union.
Africa's existing vaccine market is estimated to be worth $1.3 billion USD and is projected to reach $2.35 billion USD by 2030. However, the continent currently produces less than 1% of its required vaccines, relying heavily on imports. In a recent interview with CNBC Africa, JP Fabri, Founding Partner at the CID Consultancy, shed light on the dynamics and challenges of vaccine manufacturing in Africa. He highlighted the complexity of the vaccine market, with its dependence on international players and lack of domestic manufacturing capacity. Fabri emphasized the need for Africa to develop its own vaccine manufacturing capabilities to reduce economic and human costs. He also discussed the barriers posed by procurement processes managed by UN bodies, hindering the commitment to buy locally manufactured vaccines. Fabri suggested the establishment of regional manufacturing hubs in Africa and emphasized the importance of a comprehensive ecosystem encompassing talent development, investment attractiveness, and procurement strategies. Despite past doubts, Fabri highlighted advancements in vaccine manufacturing technology and renewed support from international entities, such as the European Union's commitment of 1 billion euros to support African states in vaccine manufacturing. Overall, Fabri stressed the need for a unified vision and integrated approach to vaccine manufacturing in Africa, aligning it with broader economic, social, and health policies. The conversation underscored the potential for growth and self-sufficiency in Africa's vaccine market, if the continent can overcome existing challenges and seize opportunities for local manufacturing.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.