A consortium of nine development finance institutions (DFIs) has partnered with biopharmaceutical company Biovac, based in Cape Town, to support its vaccine manufacturing expansion plans.

Biovac aims to expand its vaccine manufacturing capacity in Africa initially through current activities related to the production of the Pfizer BioNTech Covid-19 vaccine for use exclusively in Africa.

To release increased local vaccine manufacturing capacity, Biovac needs to raise abound R2.3-billion, or $150-million.

The DFIs will support Biovac in this endeavour, as they too want increased local pharmaceutical manufacturing capability on the African continent.

The consortium is made up of the African Development Bank (AfDB); CDC Group – UK’s development finance institution which is soon to be renamed British International Investment; the German development finance institution DEG; the US International Development Finance Corporation; the European Investment Bank; the European Union Delegation to South Africa; the International Finance Corporation (IFC); the Industrial Development Corporation of South Africa; and the French development finance institution Proparco.

Biovac CFO Craig Mitchell says Covid-19 has proven that a more geographical spread of vaccine manufacturing is much needed globally, with the African continent having the lowest number of vaccine manufacturers. He believes the investment will not only enable Biovac to ramp up vaccine production for the current pandemic, but also build on capacity for routine vaccines and future pandemic vaccines as well.

IFC MD Makhtar Diop comments that the partnership between Biovac and the DFIs will boost production of a range of vaccines in Africa, which will build a more resilient health sector and strengthen regional value chains.

The AfDB says the partnership aligns with its 2030 Pharmaceutical Action Plan, which is aimed at increasing local production of pharmaceuticals to 70% by 2030 and of vaccines to 60% by 2040.

AfDB president Akinwumi Adesina says health security is fundamental to economic security. He highlights the importance of Africa becoming self-sufficient, as the continent cannot rely on global supply chains alone during times of crisis.