Tony Elumelu, the Chairman of the United Bank for Africa Group and Founder of The Tony Elumelu Foundation, stressed the significance of directing appropriate capital and fostering innovation through both private and public sector investments to enhance health outcomes across Africa. Speaking at the Abu Dhabi Health Forum, Elumelu emphasized how his foundation’s support for healthcare entrepreneurs, funding 700 individuals with an almost equal gender distribution, has played a pivotal role in advancing healthcare delivery within African communities.
He highlighted the crucial role of major pharmaceutical companies in ensuring a sustainable health future for all, advocating for a reevaluation of the current patent system and reforms to encourage innovation while promoting global health equity. Elumelu urged for incentives for these companies to collaborate on research and development for diseases prevalent in lower-income countries and to invest in R&D and manufacturing facilities in developing nations.
Elumelu addressed challenges such as unreliable power supply and the impact of climate change on healthcare access, stressing the necessity for innovative solutions, cross-sector collaboration, and leveraging global trade systems and climate funds to effectively address healthcare needs.
He emphasized the importance of prioritizing global health equity, noting that poor health outcomes affect everyone, and called for increased investment in healthcare infrastructure and policies to tackle the healthcare challenges facing Africa. Elumelu highlighted that significant progress in advancing healthcare and driving humanity forward can be achieved through the collective efforts of the private sector, foundations, financial institutions, governments, and cross-sector collaboration.
