Tony Elumelu, Chairman of the United Bank for Africa Group and Founder of The Tony Elumelu Foundation, emphasized the importance of prioritizing appropriate capital allocation and investments in innovation by both the private and public sectors to drive improvements in health outcomes across Africa. Speaking at the Abu Dhabi Health Forum, Elumelu highlighted the impact of his foundation’s support for healthcare entrepreneurs, funding 700 individuals with a nearly equal gender distribution, who have contributed to advancing healthcare delivery in African communities.
Elumelu underscored the role of big pharmaceutical companies in ensuring a sustainable health future for all, calling for a review of the current patent system and reforms to incentivize innovation while promoting global health equality. He advocated for incentives for big pharma to partner on research and development for diseases prevalent in lower-income countries and to invest in R&D and manufacturing facilities in developing nations.
Addressing challenges such as unreliable power supply and the impact of climate change on healthcare access, Elumelu emphasized the importance of innovative solutions, cross-sector collaboration, and leveraging global trade systems and climate funds to address healthcare needs effectively.
Elumelu called for a focus on global health equity, noting that poor health outcomes affect everyone, and highlighted the need for increased investment in healthcare infrastructure and policies to address the healthcare challenges facing Africa. He emphasized that with the collective efforts of the private sector, foundations, financial institutions, governments, and cross-sector collaboration, significant progress can be made in advancing healthcare and moving humanity forward.
