Exploring innovative financing solutions for pandemic preparedness and response - Council Insight no. 7

Overview

The coronavirus disease (COVID-19) pandemic highlighted the fact that governments and international institutions were not financially equipped to address the health crisis. In terms of a global pandemic preparedness and response (PPR), even though COVID-19 is no longer deemed an international public health emergency of international concern, an investment gap lingers between potential needs and current funding.

This paper documents why investing in PPR is crucial from an economic perspective. Unfortunately, no comprehensive approach exists that draws on multiple financing mechanisms at the national and global levels to bridge this significant gap and prevent silos and competing interests. This document critically reviews different PPR financing tools that have been used or proposed in response to the COVID-19 pandemic, compares experiences and mechanisms at the global level, and assesses the tools’ effectiveness, while identifying shortcomings. The aim of this document is to contribute to the international discussion on ways of improving the financial architecture for PPR.