The COVID-19 pandemic laid bare the devastating consequences of chronic underinvestment in pandemic prevention, preparedness, and response (PPPR). Despite the staggering toll—over 28 million excess deaths and trillions of dollars in economic losses—the global financing system for health security remains fragmented, incoherent, and deeply underfunded. In 2025, the withdrawal of major donors, particularly the United States, has exposed the fragility of an aid-dependent model. Low- and middle-income countries now face compounding challenges: reduced funding, mounting health risks, and the destabilising effects of conflict and climate change.
This report by The Independent Panel for Pandemic Preparedness and Response calls for urgent, transformative action. It outlines the critical financing gaps and explores both existing mechanisms and emerging alternatives, such as the Pandemic Fund and the IMF’s Resilience and Sustainability Trust. The message is clear: patchwork solutions are no longer viable. Leaders must either commit to repairing the broken system or seize this moment to build a new, resilient, and equitable global health financing architecture.