Investing in Africa’s multi-million shilling med-tech space

Africa, with only 3 per cent control of the global med-tech market space, stands at a pivotal moment to revolutionize its healthcare sector and align with Agenda 2063's vision for an industrialized continent. In a recent interview with CNBC Africa, biomedical expert Dr. Robert Karanja, Co-founder of Vilgro Africa, highlighted the urgent need for systemic solutions that go beyond pandemic responses to truly transform the health system and meet the needs of its citizens. The conversation delved into the role of biomedical engineering, often overshadowed by discussions on vaccines and drugs, in developing health solutions. Dr. Karanja emphasized the importance of spotlighting engineers and fostering discussions among inventors, innovators, and academia to drive progress in the med-tech space. A key theme that emerged from the interview was the immense investment potential the healthcare sector holds and the necessity for Africa to attract global investors and scale up in order to establish self-sufficiency. Dr. Karanja underscored the challenges posed by the perception of low purchasing power in the market system, resulting in Africa's limited share of the global pharmaceutical and medtech markets. The continent's high disease burden coupled with low life expectancy and maternal mortality rates further underscored the urgent need for innovation and self-sufficiency in healthcare. To address these challenges, Dr. Karanja emphasized the importance of fostering innovation, developing solutions locally, and building capacity in both the technological and regulatory aspects of the med-tech industry. He called for collaboration among stakeholders across the continent to tackle the challenges, leverage opportunities, and align with Africa's industrialization agenda. The interview also shed light on the role of universities and private sector investors in tapping into untapped opportunities and driving the local manufacturing and innovation ecosystem. Dr. Karanja emphasized the need for universities to focus on research and development to cultivate talent and drive inventions, highlighting the crucial link between science, technology, innovation policies, industrialization policies, trade policies, and investment policies. The convergence of these policies, he noted, is essential to establish an innovative industrial platform and unlock Africa's potential in the med-tech space.