Overview
The coronavirus disease (COVID-19) pandemic highlighted the fact that governments and international institutions were not financially equipped to tackle a health crisis. In the context of global pandemic preparedness and response (PPR), even though COVID-19 is no longer considered an international public health emergency of international concern, an investment gap between potential needs and existing funding remains.
This document explains why investing in PPR is important from an economic perspective. Unfortunately, no comprehensive approach exists that relies on multiple financing mechanisms at national and global levels to bridge this critical gap and prevent silos and competing interests. This document critically reviews the various PPR financing instruments that have been used or proposed in response to the COVID-19 pandemic, compares experiences and mechanisms globally, and assesses the effectiveness of the instruments while identifying shortcomings. This document aims to contribute to the international discussion on ways to improve the financial architecture for PPR.