Africa’s growing biotech business relies heavily on public and foundation money, small startups, and R&D collaborations between universities and private labs. There are a lot of potential and possibilities for small innovative companies. While foundation money is great, the industry does need a jolt of private venture capital. After a 3 day trip to Cuba in 2001, former South African President Thabo Mbeki returned home inspired by the resource-poor country’s massive science and technology program and drug manufacturing capacity. Just 3 months later, he announced South Africa’s first National Biotechnology Strategy. Drugs created in South Africa cost an estimated one-tenth of what they would in the developed world. South Africa is aiming to be one of the world’s top ten biotechnology economies by 2018.
Tag archives for Africa
Harmony flowing from two sides that in the past have often been discordant: Africa’s emerging entrepreneurial class and its civil-society activists. Both groups, the private sector and civil society – see poor governance as the biggest obstacle they face. So they are now working together on redefining the rules of the African game.