Covax Facility, Solidarity Response Fund and Investments during Covid 19
So far, over 170 countries & economies, representing more than 90% of the world’s population, have joined forces in the COVAX Facility. This mechanism stands for safe development, & equitable & smart prioritization of eventual #COVID19 vaccines.
The aim of COVAX is to ensure that 2 billion doses are manufactured & distributed equitably by the end of 2021. We also welcome the announcement by one vaccine developer, Moderna, that it will not enforce its patent rights over its #COVID19 vaccine during the pandemic. Initially, supply of vaccines will be limited. But by sharing supply equitably, countries & economies that are part of COVAX can distribute vaccines simultaneously to priority populations, incl. #healthworkers, older people & those with underlying conditions. This week, China, the Republic of Korea and Nauru joined the COVAX Facility, bringing the total number of countries and economies that are part of the global initiative for vaccine access to 171. COVAX is an unprecedented partnership between WHO, Gavi, manufacturers and the
Singapore is an early supporter of the COVID-19 Vaccine Global Access (or COVAX) Facility, which accelerates the development and production of, and equitable access to potential COVID-19 vaccines. Together with Switzerland, Singapore co-chairs the Friends of the COVAX Facility to promote vaccine multilateralisation.
Singapore is also pursuing the procurement of COVID-19 vaccines with a number of pharmaceutical companies. At the same time, we are supporting local efforts to develop a COVID-19 vaccine, and as well as building up vaccine manufacturing capability.
WHAT IS COVAX?
COVAX is the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator
The ACT Accelerator is a ground-breaking global collaboration to accelerate the development, production, and equitable access to COVID-19 tests, treatments, and vaccines.
COVAX is co-led by Gavi, the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO. Its aim is to accelerate the development and manufacture of COVID-19 vaccines, and to guarantee fair and equitable access for every country in the world.
Solidarity response Fund :
WHAT IS THE COVAX FACILITY?
The principal role of the COVAX Facility is to maximise the chances of people in participating countries getting access to COVID-19 vaccines as quickly, fairly and safely as possible. By joining the Facility, participating countries and economies will not only get access to the world’s largest and most diverse portfolio of COVID-19 vaccines, but also an actively managed portfolio. The Facility continually monitors the COVID-19 vaccine landscape to identify the most suitable vaccine candidates, based on scientific merit and scalability, and works with manufacturers to incentivise them to expand their production capacity in advance of vaccines receiving regulatory approval.
Normally, manufacturers are reluctant to risk making the significant investments needed to build or scale-up vaccine manufacturing facilities until they have received approval for a vaccine. But in the context of the current pandemic, which is costing the global economy US$ 375 billion every month, this would inevitably lead to significant delay and initially vaccine shortages once vaccines are licensed. To avoid this, the Facility is working with manufacturers to provide investments and incentives to ensure that manufacturers are ready to produce the doses we need as soon as a vaccine is approved. The Facility will also use the collective purchasing power that comes from having so many countries participate in order to negotiate highly competitive prices from manufacturers that are then passed on to participants.
WHO HAVE ALREADY DISBURSED THE FOLLOWING AMOUNTS: 24 June 2020 Update
$117.8 million : to WHO to procure and distribute essential commodities and coordinate response.
$10 million : to CEPI to catalyze and coordinate global vaccine R&D.
$10 million : to UNHCR to protect at-risk Internally Displaced People and refugees.
$10 million: to UNICEF to support vulnerable communities in low-resource settings.
$20 million: to WFP to support the shipment of vital commodities where they are most needed.
Switzerland is also focused towards - Good exchange about investments in a climate-friendly future. An opportunity for the corona-damaged economy! (Source : Umweltministerin, Hon'able President's office)
World investments during Covid 19 : -
"Global flows of foreign direct investment (FDI) will be under severe pressure this year as a result of the COVID-19 pandemic. These vital resources are expected to fall sharply from 2019 levels of $1.5 trillion, dropping well below the trough reached during the global financial crisis and undoing the already lackluster growth in international investment over the past decade. Flows to developing countries will be hit especially hard, as export-oriented and commodity-linked investments are among the most seriously affected "- His Excellency Secretary General
Source :World investment report - https://unctad.org/en/PublicationsLibrary/wir2020_en.pdf