MedAccess guarantees help medical innovations reach 530 million people in five years
by MedAccess
29 June 2023 | News
MedAccess has helped accelerate access to medical innovations for 530 million people since the social enterprise was founded in 2017, according to new figures released today.
MedAccess’ 10 bespoke agreements have helped vaccines, diagnostics, treatments and other health technologies reach people in more than 95 countries. To date, price reductions negotiated as part of MedAccess’ agreements have saved more than $91 million for governments and procurers.
During 2022, MedAccess announced four new agreements to increase access to HIV self-tests, G6PD testing for P. vivax malaria treatment, a new treatment regimen for drug-resistant tuberculosis and COVID-19 vaccines.
All of MedAccess’ agreements are built on strong partnerships. The approach recognises and responds to the priorities of governments, procurers and manufacturers, enabling them to increase access to products at affordable prices.
“We have a model that works,” said Michael Anderson, MedAccess’ CEO. “Alongside reaching more than half a billion people, our agreements have secured more than $91 million in savings for purchasers while helping companies to get more of their products into the hands of people who need them. We broker and finance solutions where everyone wins – most importantly, patients. That’s the best way to protect lives today and create sustainable impact that will benefit communities for many years.”
MedAccess’ guarantees give companies confidence to increase supply and lower prices in uncertain markets. For example, volume guarantees provide manufacturers with the reassurance of a guaranteed minimum sales volume in return for price and volume commitments.
The guarantees unlock product sales, meaning more products reach the patients who need them. By the end of 2022, product sales under guarantee terms across MedAccess’ entire portfolio totalled $578 million.
“We need to keep finding new ways to get medical innovations to the people who need them, as quickly as possible. This is why I am excited about MedAccess’ work,” said Professor Helen Rees, MedAccess’ Board Chair. “MedAccess brings a novel approach, providing opportunities and incentives for businesses to make their products more available, more quickly in underserved communities.”
Countries and global partners are working hard to make up ground lost to COVID-19 and subsequent geopolitical shocks. With a robust pipeline of potential guarantee agreements and a commitment to finding financial solutions to help tackle non-communicable diseases, MedAccess is playing its part in helping the world get back on track towards Sustainable Development Goal 3.
