The World Economic Forum’s Annual Summit in Davos is not just a congregation of leaders; it’s a nexus of ideas and initiatives that have the potential to shape the future. At the recently held Accelerating Global Health Equity side event, UVU Bio’s CEO, Dheepak Maharajh, shed light on two pivotal panels he participated in. In particular, Maharajh emphasised the changing landscape of investor confidence in African countries and the emerging potential for transformative public-private partnerships, particularly in the field of health.
Networking and Atmosphere at Davos
The unique atmosphere at Davos, characterised by intimate discussions among global elites, provides a conducive environment for networking. Dheepak highlighted the ease with which impactful conversations transpire, even with influential figures such as President Paul Kagame and impact investors. The potential collaborations arising from these connections could play a pivotal role in advancing the discussed initiatives.
Investor Confidence in Africa
Historically, African countries have faced reluctance from investors, often due to a lack of understanding of the market and an underestimation of its value. However, the panel discussions revealed a shift in investor confidence towards Africa. The continent’s rapidly growing population, set to double by 2050, coupled with the aging populations in other parts of the world, positions Africa as a new frontier for investment. This changing dynamic opens the door for increased funding in various sectors, with a particular focus on health.
Present in the discussions was a commitment to explore interventions alongside the Pan African Parliament to stimulate investment in Africa. These interventions could include incentives for investment in African startups, such as tax breaks for early-stage businesses. Drawing inspiration from successful examples, similar to the approach taken by Rwanda, these recommendations aim to cultivate an environment that encourages entrepreneurial growth across the continent.
Sustainable Public-Private Partnerships
The second panel addressed sustainable opportunities for public-private partnerships, showcasing success stories in South Africa and Rwanda. UVU BIO acts as a bioeconomy ecosystem enabler, fostering open-access labs and supporting partnerships with governments. The positive reception of these partnerships highlights the potential for collaboration between the private sector and governments in advancing healthcare initiatives.
A key pivot in the second panel discussion was towards diversity in clinical trials. The underrepresentation of Africa in clinical trial research, primarily due to the perception of low-profit margins and the exclusion of certain diseases prevalent in the region, emerged as a critical issue. The proposal to form a consortium to address this gap and ensure a certain level of African participation in clinical trials signifies a collective effort to rectify this disparity.
Dheepak states that “there’s a perception by Big Pharma that Africa’s burden of disease is largely communicable in nature. So, it’s like COVID, Ebola, etc. Infectious diseases don’t really carry a big profit margin to them.”
The discussion acknowledged the need to challenge these perceptions. Rather than mandating inclusion, the consortium approach aims to engage pharmaceutical companies in funding research on non-communicable diseases, potentially shifting the focus of drug development towards Africa.
UVU BIO’s Mission and Africa’s Vaccine Manufacturing Strategy
UVU BIO’s mission aligns with Africa’s ambitious goal to produce 60% of its vaccines by 2040. Despite skepticism about achieving this target, the steps taken, such as the establishment of a BioNtech facility in Rwanda, indicate progress. UVU BIO’s role in training individuals for the vaccine industry across Africa emphasises the importance of human capital in realising this ambitious goal.
The Accelerating Global Health Equity side event at Davos 2024 showcased Africa’s evolving role in the global health landscape. From changing investor sentiments to innovative public-private partnerships and a concerted effort to address disparities in clinical trials, the discussions underscored the continent’s potential as a catalyst for positive change. As Africa positions itself at the forefront of healthcare innovation, collaborations forged at Davos may well pave the way for a healthier and more equitable future for the continent.
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