US firms eye $400m investments in Zim

Sharon Munjenjema

ZIMBABWE is on the brink of securing nearly half a billion dollar investments in the health sector from a group of American firms that have since initiated regulation formalities with Harare.

The investors are coming through Health Galaxy Park, an investment vehicle established by a team of technocrats from the University of Zimbabwe.

The Sunday Mail can reveal that representatives form some of the American firms were in Harare recently to push for the US$400 million venture.

Some of the American firms in the deal include Stanley Brothers Biotech, Waters Corp, Cancer Institute and Diabetic Relief which are big corporates in the manufacturing of pharmaceuticals, medical equipment and research.

In an interview, University of Zimbabwe scientist, Professor Charles Maponga, who is part of the technocrats pioneering the project, said the Americans were fully committed to the successful implementation of the deal.

“We have 19 American companies with a total commitment of US$400 million, who are waiting for all processes to be done so they can come and invest,” he said.

“Of the 19 companies, four have since sent representatives to meet various investment authorities and attended a workshop we held recently.”

Prof Maponga said one of the companies, Waters Corp, had donated medical equipment worth US$500 000 which was already being shipped into the country.

“We are expecting equipment worth $US500 000 from Waters Corp to set up a pharmacology laboratory which will support local industry to analyse drugs and improve checks and balances on the drugs we dispense to patients.

He said the equipment from Waters Corp will be installed at a Government laboratory.

Prof Maponga said Health Galaxy Park was created with a view to rebuild national healthcare and improve biomedical research infrastructure.

“We are saying the health model of Zimbabwe, which has been dependent on donations, is not sustainable; so we should go into a serious drive to attract investment in the health sector,” he said.

“There has not been much investment in the medical sector in years and many machines have become obsolete.

“The new Government has given us, technocrats, leeway to start running the show and we are pleased with that.”

Speaking to the Sunday Mail in Harare recently Stanley Brothers Biotech vice president, Ms Sarah McMahon said they were targeting medical marijuana production.

“We are coming in as a partner to offer our resources, where we can, to help establish the natural products division of Health Galaxy Park.

“We want to educate people how to grow the plant (marijuana), using best practices and how to extract and process the product as well as carry out research,” she said.