Report by the Society for International Development tells the story of how finance has gained unprecedented influence over our lives, subjugating health goals to shareholder values, market fluctuations and failures.
Health financialization has surged in the last 30 years, turning healthcare into a commodity where private, for-profit entities have gained significant control. This trend manifests through monopolies on medical knowledge, the expansion of financialized healthcare insurance markets, and the rapid growth of digital health technologies. After the 2008 financial crisis, private sector investment in development policies increased, leading to the rise of public-private partnerships (PPPs) in healthcare. However, these partnerships have been criticized for compromising public health goals due to their reliance on private interests.
The COVID-19 pandemic exposed significant market failures in global healthcare, yet neoliberal policies remain entrenched, with a persistent focus on private-sector-driven solutions. This is evident in initiatives like the International Financial Facility for Immunization (IFFIm) and the COVAX scheme, which have faced criticism for their inequitable distribution of vaccines. As health financialization continues, there is growing concern that public health is becoming increasingly driven by market principles, risking broader health inequities and undermining the legitimacy of public health functions.
