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Elumelu's Foundation Supports 700 Health Entrepreneurs |
Tony Elumelu, Chairman of the United Bank for Africa Group and Founder of The Tony Elumelu Foundation, emphasized the need for the private and public sectors, along with the development community, to focus on proper capital distribution and innovative investments to enhance health outcomes globally, particularly in Africa.
He revealed that his foundation has provided funding to 700 health entrepreneurs, maintaining a gender balance of 49% male and 51% female recipients.
This was part of Elumelu's speech at the Abu Dhabi Health Forum in the United Arab Emirates.
He noted that these entrepreneurs have significantly contributed to improving healthcare delivery within their communities and beyond in Africa.
Elumelu also highlighted the critical role of major pharmaceutical companies in ensuring a lasting health future, suggesting that the current patent system requires a review and reform to continue promoting innovation.
He advocated for incentives that encourage big pharmaceutical companies to engage in research and development (R&D) for diseases prevalent in lower-income countries and to establish R&D and manufacturing facilities in developing nations, thus utilizing the global trade system to foster health equality worldwide.
Elumelu stressed the importance of innovative collaboration across different social sectors to achieve tangible health outcomes. He pointed out that approximately 40% of healthcare facilities in Africa suffer from unreliable power supplies, which hampers health outcomes.
Acknowledging the challenges posed by climate change to healthcare access, he mentioned that climate funds could be utilized to improve healthcare services.
Elumelu called for concerted efforts involving private sector innovation, foundational and financial institution start-up funding, national and global healthcare policies, and cross-sector collaboration to advance human progress.
He underscored the necessity of global health equity, stating that subpar health conditions have a universal impact.
Elumelu concluded by candidly addressing Africa's current situation, marked by constrained budgets and inadequate healthcare infrastructure.
