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Innovative financing tools, such as pooled funding, demand aggregation, advance purchase agreements, volume guarantees, and leveraging balance sheets will be critical to rapid procurement and deployment of coronavirus medical products. A crisis of this scale requires creative thinking. In the same way that scientists and politicians have ditched business as usual to respond to the pandemic, financing institutions should do the same. We need to be willing to do ‘whatever it takes’.

This will mean taking new risks while maintaining the highest standards of rigour. With the bleak projections for the post-COVID-19 economy, smart finance can build diverse partnerships to leverage commitments and spread risk. It is a good time to learn from existing tools, such as the International Finance Facility for Immunisation, and adapting them for the world that will emerge in late 2020 and beyond.