The Covax platform ensures that the benefits and risks of vaccine development are broadly shared
Every day, the Covid-19 pandemic costs the world thousands more lives and billions more dollars. The most efficient way to bring this crisis to an end — possibly as early as next year — is with a safe and effective vaccine, manufactured in large quantities and distributed globally. To avoid any unnecessary delays, governments should take this moment, while researchers work to develop the right formula, to prepare the ground for rapid production and broad, equitable deployment.is based.
The problem is that governments may feel compelled to eschew co-operation in favour of negotiating directly with vaccine manufacturers to claim the doses they need. Yes, governments are duty-bound to protect their own citizens above all. But this national approach carries serious risks, beginning with the possibility that a government may back the wrong vaccines.
By collaborating with global health agencies through Covax, governments can ensure that everyone has equal access to Covid-19 vaccines. For countries that have secured deals with manufacturers, Covax amounts to an insurance policy, in case they bet on the wrong candidates. For countries that haven’t secured any deals — the majority of the world — Covax is the only way to avoid being pushed to the back of the line.
Covax employs a radically different approach. In addition to using “push” financing — investment in research, development and manufacturing — it uses “pull” financing, in the form of advance purchase commitments for large numbers of doses on licensing. This provides powerful incentives for the private sector to support urgent vaccine development.
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