MedAccess becomes founding partner of G7 initiative for impact investing in health
21 September 2023
MedAccess today became one of the founding partners of the Impact Investing Initiative for Global Health. The initiative – known as Triple I for Global Health – was launched at a high-level event in New York.
Triple I for Global Health was developed as part of Japan’s G7 Presidency and was endorsed at the Hiroshima Summit in May. It aims to galvanise impact investors to target investments that promote equitable access to medicines and support global action on Universal Health Coverage (UHC).
The initiative will focus initially on deepening knowledge and sharing examples of successful impact investing for health. Signatories commit to reporting on their investments and how they are increasing or accelerating access to health products.
“What is distinctive about this important initiative is that it promises to focus investment on the infrastructure, goods and skilled services that are needed to achieve global health outcomes. We are looking for finance that would satisfy an epidemiologist or a community nurse, not just investments to please the bank manager,” said MedAccess CEO Michael Anderson.
At the Hiroshima G7 meeting, world leaders highlighted the important role that the private sector can play through impact investing. Triple I for Global Health intends to harness private capital at scale and increase the sustainability of financing for global health.
MedAccess will bring its experience gained through the provision of nine guarantees since 2018. Through MedAccess’ volume guarantees, people have been able to access a range of products including HIV vial load tests, innovative dual-action mosquito nets and dual tests for HIV and syphilis. In its first five years, MedAccess’ guarantees helped 530 million people in over 95 countries to access medical innovations.
Today’s event in New York, titled Toward more Resilient, Equitable and Sustainable Universal Health Coverage by 2030, brought together leaders from the international community and foster discussions and collaborations among stakeholders. Triple I for Global Health was launched during the event, with 37 founding signatories.
High-level representative from members of the G7, the G20, WHO, World Bank, UNICEF, Gavi, Gates foundation, and other global health partners including private sector discussed charting a clear path toward achieving more resilient, more equitable and more sustainable UHC.
Today’s announcement comes less than 24 hours after British International Investment, other G7 development finance institutions and a wider group of engaged partners committed to ensuring more equitable access to health products during future pandemics and health emergencies.