An independent panel has urged the Group of Twenty nations to launch a ‘global deal’ to prevent catastrophic costs of future pandemics.
The G-20 commissioned the panel which presented an 86 page report: “Global deal for Our Pandemic Age”. The report proposes an increase in international financing of at least $75 billion over the next five years. The funding, which could easily rise to $89 billion, would “plug major gaps in pandemic prevention and preparedness”. It would be “at least double current global spending levels”. The estimate excludes other investments that would contribute to resilience against future pandemics.
“These complementary interventions, such as containing antimicrobial resistance cost about $9 billion annually. They provide continuous value”.
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The battle against disease
Included in the panel’s proposed financing is a new $10 billion annual Global Health Threats Fund. The Panel’s economists such as Larry Summers of Harvard and leading medics and scientists identify several pressing gaps in preparedness. They are infectious disease surveillance, resilience of national health systems, global capacity to supply and deliver vaccines, other medical countermeasures, and global governance.
“Future pandemic risks can be substantially reduced if these gaps are addressed,” the report states. “The recommended global spending is negligible compared to costs of another major pandemic.”
“Governments’ fiscal costs have already reached an estimated $10 trillion up to March 2021, estimates the report. The contraction of the global economy in 2020 will cause cumulative losses of $22 trillion by 2025, adds the International Monetary Fund (IMF). Inflationary supply shortages and delivery bottlenecks need to be addressed
The report stressed that all nations should invest in pandemic preparedness. Low and middle-income countries need to spend an extra 1 per cent of gross domestic product (GDP) on health over the next five years. Multilateral and bilateral partners would provide aid.
“We must install a global genomic and epidemiological surveillance programme within the next five years. It help detect and prevent “cross-species spillovers” and would share data,” the report says.
The timescale for implementing the Panel’s proposals is within the next 18 months.
© Neil Behrmann