By Chukwuma Umeorah
Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, has urged stakeholders to prioritise investment in healthcare, highlighting the crucial role of partnerships, entrepreneurship, and innovation in advancing global healthcare.
Speaking at the Abu Dhabi Health Forum, Elumelu emphasised the need for collaboration and capital allocation towards innovative solutions to address pressing challenges and achieve equity in healthcare delivery. He stressed the importance of investing in technology, research and development, and patent reform to ensure a sustainable health future for all.
“The private and public sectors and the development world need to prioritise appropriate capital allocation and investments in innovation particularly in technology, research and development (R&D),” Elumelu stated. “To ensure a sustainable health future for all, there is a need to review the current patent system and effect reforms. There is also a need for big pharma to partner on R&D for diseases from lower-income countries in addition to setting up manufacturing facilities is important.”
Elumelu noted the underfunding of healthcare, particularly in Africa, and suggested unlocking more capital and investment opportunities through entrepreneurship development. He cited the Tony Elumelu Foundation’s (TEF) support for 700 healthcare entrepreneurs who have contributed to improving healthcare delivery in their communities and nations.
He also called for the participation of big pharmaceutical companies in addressing global health challenges, including research and development for diseases prevalent in lower-income countries and establishing manufacturing facilities.
Elumelu highlighted the critical link between energy deficit and healthcare delivery in Africa, urging innovative solutions to address the lack of reliable power supply in healthcare facilities. He emphasised the need for the global renewable and thermal energy sectors to step in and address this deficiency to improve health outcomes in Africa.
“A high percentage of healthcare facilities in Africa do not have reliable power supply. Without power the health outcomes will be low,” Elumelu stated. “The global renewable energy sector, both thermal and hydro energy sectors should step in to address this massive energy deficiency in Africa to realise health outcomes in Africa. Speaking frankly, Africa is behind, with limited budgets and poor healthcare infrastructure.”