Access to medicine report 2024: 43% of new health innovations reach Africa

The 2024 Access to Medicine Index Report has shed light on a concerning statistic - only 43 per cent of new health innovations reach Africa. This revelation underscores the stark disparity in access to vital healthcare solutions for low- and middle-income countries. The report emphasizes the uphill battle faced by the pharmaceutical industry in bridging the healthcare gap, citing challenges such as voluntary licensing agreements and regulatory frameworks. To delve into the core findings and navigate the industry's trajectory, CNBC Africa engaged in a riveting discussion with Jayasree Iyer, the CEO of the Access to Medicine Foundation. Iyer elucidated on the primary barriers hindering greater access to innovative health solutions in Africa, citing lack of infrastructure capacity, stringent regulation, and insufficient financing as major roadblocks. Moreover, the CEO highlighted the industry's propensity to prioritize lucrative markets in the US and Europe, often sidelining regions like Africa. One of the critical points raised during the interview pertained to the stagnation in voluntary licensing agreements, a pivotal mechanism for enabling local manufacturers to produce patented products and cater to regional demands. Iyer stressed the importance of incentivizing pharmaceutical companies to bolster their efforts in this realm by showcasing the purchasing capacity and stable demand within African nations. Additionally, she underscored the imperative for African manufacturers to enhance production capabilities and quality standards to facilitate collaboration with major pharmaceutical entities. Another pressing issue broached in the conversation was the dwindling focus on research and development tailored to meet the unique healthcare needs of low and middle-income countries. The imperative for pharmaceutical companies to recalibrate their R&D endeavors towards addressing treatment gaps, preventative measures, and diagnostic tools for marginalized populations was underscored. It was emphasized that the industry must design products with global utility in mind, ensuring timely access to approved medications worldwide. The discourse also delved into the role of the African Medicines Agency (AMA) in bolstering access to essential medications by expediting product registration processes. Iyer underscored the agency's role in enhancing medication availability, streamlining monitoring mechanisms, and fortifying treatment supply chains across the region. Additionally, she advocated for increased collaboration between pharmaceutical companies and the AMA to streamline access initiatives. The need for harmonization between regulatory bodies like the AMA, European Medicines Agency, and US Food and Drug Administration was highlighted as a pivotal step to accelerate product approval globally and enhance funding and distribution mechanisms for life-saving medications. Furthermore, Iyer accentuated the necessity for fair pricing strategies, expedited registration processes, and reliable distribution channels in reaching underserved populations effectively. She underscored the significance of inclusive business models tailored to cater to the unique needs of marginalized communities, emphasizing a collective effort from private and public sector stakeholders in steering the industry towards equitable healthcare access. As the industry grapples with transforming its strategies to meet Africa's burgeoning health needs, a concerted effort from all stakeholders is imperative to drive positive change and ensure universal access to essential medications.