[et_pb_section fb_built=”1″ admin_label=”!! PLEASE DO NOT EDIT !!!” _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_row use_custom_gutter=”on” gutter_width=”1″ admin_label=”!!! PLEASE DO NOT EDIT !!!” _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”SUMMARY – Click on the WHEEL icon to open the textarea where you can paste or type your summary. Summary should be in bold and 250-300 characters. The counter at the bottom can help.” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”10px||20px||false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
The Center for Global Development (CGD) gathered a group of experts who’ve been working on pandemics and pandemic financing. The purpose of the event was to map out the next steps for the pandemic financing agenda, and identify some specific areas for policy and political action. <\/strong><\/p>\n Below is a repost by P4H of the original article published on the Center for Global Development (CGD) website.<\/strong><\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 1 ” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n As policymakers and financiers set their priorities for 2024, we gathered a group of experts who’ve been working on pandemics and pandemic financing from a range of perspectives including epidemiology, economics, insurance, policy, and advocacy. The purpose of our event<\/a>\u00a0was to map out the next steps for the pandemic financing agenda, and identify some specific and meaningful areas for policy and political action.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 2 ” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n After the compounding crises of the past few years, political leaders and publics are understandably keen to put pandemics in the rearview mirror and focus on other issues. Yet the evidence is blinking red that delaying action to improve pandemic prevention, preparedness, and response will only increase the risk of catastrophic losses\u2015in lives and economies\u2015given\u00a0a very high likelihood<\/a> of another COVID-severe pandemic in our lifetime. This blog captures key points from our discussion and lays out an agenda for action on pandemic financing in 2024 for world leaders (please watch the full event<\/a>).<\/p>\n [\/et_pb_text][ba_gradient_heading title=”Global security and global public goods as rationale” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 3″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Pandemics are not solely global development issues but also global security issues. The economic impact of pandemics is staggering. The global economy is estimated to have incurred costs of\u00a0at least $13.8 trillion up to<\/a>\u00a02024 due to COVID-19. Moreover, the loss of over 20 million lives underscores the urgency of addressing pandemics from a security perspective. Investing in pandemic prevention, preparedness, and response is not only a moral imperative but also crucial for global security.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 4 ” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n The global community must adopt a global goods perspective rather than only a country-by-country approach to pandemic financing. Existing funding mechanisms operate primarily on a country-by-country basis, but pandemics can originate anywhere and quickly spread globally. Therefore, funding mechanisms need to prioritize global and regional outcomes rather than individual country interests, although implementation of most preparedness and response activities will typically be carried out at the country level. Investments such as those made by the Coalition for Preparedness Innovations (CEPI) in developing vaccines for various pathogens exemplify the importance of this global perspective.<\/p>\n [\/et_pb_text][ba_gradient_heading title=”The large and underestimated risk of pandemics” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 5″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n A new\u00a0working paper<\/a>\u00a0released by the Center for Global Development and the Disease Control Priorities (DCP-4) estimated epidemic and pandemic risk, to provide policymakers with a framework for prioritizing investments in pandemic preparedness. The main message is that future pandemic risk is more substantial than generally believed and dominated by respiratory pathogens.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 6″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Madhav and colleagues estimated the global average annual loss from future epidemics and pandemics to be around 2.5 million deaths. This figure, comparable to the annual mortality from lower respiratory tract infections prior to COVID-19, underscores the gravity of the situation.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 7″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Contrary to popular belief, events on the scale of COVID-19 are not once-in-a-century occurrences. In any given year, there is a 2 to 3 percent chance of a COVID-level event occurring, translating to a more than 50 percent chance over a 25-year period. Moreover, these estimates are conservative, as they only consider a subset of potential pandemics, excluding other pathogens and factors such as the increasing frequency and severity of events caused\u00a0by zoonotic viruses<\/a>, non-natural sources of risk like bio-error and bioterror, and potential non-mortality impacts, such as morbidity or societal disruption.<\/p>\n [\/et_pb_text][ba_gradient_heading title=”Bolster monitoring systems and prevention efforts” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 8″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Strategic investments in pandemic prevention, preparedness, and response can substantially reduce this risk. Despite notable progress, current monitoring infrastructure (for so-called \u2018pandemic surveillance\u2019) falls short of providing comprehensive data flows necessary for timely and informed decision-making.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 9″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Continuous monitoring systems and diagnostic capacity must be strengthened globally, with investments aligned with bolstering health systems to ensure resilience. Emerging technologies, such as wastewater and genomic surveillance, offer promising avenues for enhancing early warning systems and averting potential pandemics.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 10″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Additionally, prioritizing prevention initiatives, particularly targeting geographical hotspots, may also have particularly high returns that accrue globally rather than to specific countries, necessitating investment as global public goods. It is also key to align incentives to reduce the penalties of countries which report.<\/p>\n [\/et_pb_text][ba_gradient_heading title=”Fully resource the Pandemic Fund” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 11″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n The good news is that leaders have taken some steps forward to improve the pandemic financing landscape in the wake of COVID-19 to address the global security threat posed by pandemics. Reflecting on the findings of the report of the\u00a0G20 high-level independent panel<\/a>\u00a0on financing in July 2021, one key initiative that emerged was the creation of the Pandemic Fund, established by the G20 in late 2022 to help close the significant gap in external financing required for low- and middle-income countries (LMICs) strengthen their capacities for pandemic prevention and proactive preparedness.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 12″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Although the Fund is still in its infancy, it has shown considerable promise, with demand for its grants far exceeding available resources. Yet to date, it has attracted only $2 billion in pledges against a target $10.5 billion annual assessed need\u2014literally equivalent to\u00a0pennies<\/a>\u00a0or a rounding error when considering the trillions of dollars of economic losses as a result of the COVID-19 pandemic. The additional grant financing that the Fund can provide is particularly crucial for those countries facing severe fiscal constraints and debt distress exacerbated by the pandemic-induced economic downturn. The Pandemic Fund is currently in the process of preparing its medium-term strategy and is expected to hold a pledging moment later this year alongside the G20 meetings in Brazil. Existing sovereign contributors\u2014starting with the G7\u2014can and should commit much more to the Fund, while more countries, philanthropies, and the private sector should join and invest in this global public good.<\/p>\n [\/et_pb_text][ba_gradient_heading title=”Day-zero financing: pre-arranged and timely surge response financing” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 13″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n In addition to investing in preparedness and prevention, the global community still needs to prioritize\u00a0day-zero financing<\/a>, which refers to funding that can be activated at the onset of a deadly outbreak with pandemic potential. The early and swift release of financing is critical in pandemic response, as delays can significantly impact the effectiveness of interventions. Delays in vaccine purchasing during COVID-19 were partly responsible for the slow rollout of vaccines in many LMICs, which in turn contributed to prolonging the pandemic and its negative health and economic impacts and even the development and spread of variants.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 14″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n The design of any future surge pandemic financing mechanism must be informed by learnings from past experiences and principles for effectiveness. Despite the many justifiable critiques and design flaws of the\u00a0Pandemic Emergency Financing Facility<\/a>\u00a0of the World Bank, which was set up in 2016 in response to the lessons learned from Ebola in West Africa, it remains to date the only large-scale, sovereign-level pre-arranged financial instrument ever developed to respond to severe epidemic and pandemic events in World Bank International Development Association-recipient countries. Its wholesale discontinuation in 2021 left a gap in the financial architecture for response in terms of pre-arranged finance. Early-phase\u00a0analysis<\/a>\u00a0conducted by The Centre for Disaster Protection suggests that more than 85 percent of epidemic response finance in recent years has been channeled through instruments not dedicated specifically to pandemic and epidemic response nor pre-arranged ahead of an outbreak.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 15″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n In 2023, the\u00a0G7 Health Ministers\u2019 communiqu\u00e9<\/a>\u00a0emphasized the importance of surge financing and proactively addressing future pandemic risk, with a proposal for a new three-layer financial approach for early-stage containment of pandemics to deploy funds quickly and efficiently without accumulating idle cash, similar to mechanisms in disaster finance. G20 leaders have also agreed that an early surge finance mechanism is necessary, and 2024 is the time to get it done.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 16″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n To ensure the effectiveness of any new surge finance mechanism, however,\u00a0several principles<\/a>\u00a0must be upheld. First, funds need to be activated early, ideally within days and weeks rather than months, to initiate early response measures and reduce transmission. This activation process should be pre-agreed between providers and recipients of finance and could resemble similar\u00a0trigger mechanisms<\/a>\u00a0used in the insurance industry, signaling the occurrence of an epidemic event and providing proof of loss or sustained transmission. These triggers need to be undisputable, transparent, and reliable in the long-term to be an effective signal for early response.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 17″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n Second, building an evidence base is essential to understand and calculate the impact of early finance and identify the best-positioned interventions, and more work is needed in this area. Finally, there is the difference between commitments and disbursements: Response finance mechanisms can only be viable if proper national-level mechanisms and plans are first established to hold and absorb finance dedicated to response. Better alignment is needed around reliable conditions for funds release in advance, as well as the conditions for activation and the coordination mechanisms between international actors.<\/p>\n [\/et_pb_text][ba_gradient_heading title=”Revisit old tools, scale-up new tools” html_tag=”h3″ primary_color=”#455A64″ secondary_color=”#455A64″ admin_label=”HEADING (50-60 characters)” _builder_version=”4.21.0″ _module_preset=”default” title_font=”||||||||” title_font_size=”24px” title_line_height=”1em” custom_padding=”15px||10px||false|false” global_colors_info=”{}”][\/ba_gradient_heading][et_pb_text admin_label=”TEXT – BLOCK 18″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n To strengthen pandemic risk financing, policymakers and financial leaders should also ensure that the existing financial instruments are fit for purpose and better utilized, starting with the multilateral development banks (MDBs). Pandemic preparedness should be a top priority for financing from the World Bank\u2019s International Development Association (IDA21), which is the world\u2019s largest source of concessional financing for low-income countries and is asking donors to contribute to a\u00a0record-high 21st replenishment<\/a>\u00a0this year.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TEXT – BLOCK 19″ _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n To strengthen pandemic risk financing, policymakers and financial leaders should also ensure that the existing financial instruments are fit for purpose and better utilized, starting with the multilateral development banks (MDBs). Pandemic preparedness should be a top priority for financing from the World Bank\u2019s International Development Association (IDA21), which is the world\u2019s largest source of concessional financing for low-income countries and is asking donors to contribute to a\u00a0record-high 21st replenishment<\/a>\u00a0this year.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" The Center for Global Development (CGD) gathered a group of experts who’ve been working on pandemics and pandemic financing. The purpose of the event was to map out the next steps for the pandemic financing agenda, and identify some specific areas for policy and political action. 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