MedAccess joins G7 DFIs initiative to prepare for future pandemics

24 September: MedAccess has signed up to a G7 development finance institutions (DFIs) initiative to provide surge financing for medical countermeasures during future pandemics.

The memorandum of understanding (MoU) for the Surge Financing Initiative for Medical Countermeasures (MCMs) was signed today at an event in New York.

Working alongside development finance institutions from the G7 nations, the European Investment Bank and the International Finance Corporation, MedAccess was invited to join the initiative, which aims to accelerate procurement, production, and distribution of vaccines, therapeutics, diagnostics, and other MCMs.

During the COVID-19 pandemic, scientists, governments and manufacturers stepped up to innovate and respond at speed to an unprecedented challenge. But such innovations and speed either failed to reach low- and middle-income countries completely, or took far longer. DFIs have the potential to speed up future responses by focusing on the needs of LMICs.

The initiative has created a framework through which financing can be mobilised more effectively for future pandemics, with G7 DFIs primed to act quickly through enhanced collaboration.

“When critical health products are in short supply, fast and flexible capital can make the difference between life and death.” said Michael Anderson, CEO of MedAccess. “The COVID-19 pandemic showed how quickly global supply chains can grind to a halt when overwhelming demand meets scarce supply. This led to inequitable distribution of medical products, leaving millions of people at risk from the disease. Today’s announcement underlines our shared commitment to being prepared for future pandemics with the capital and financial tools to enable companies to meet large scale, urgent demand for lifesaving products.”

During the COVID-19 pandemic, MedAccess provided a procurement guarantee to enable UNICEF to increase and accelerate supplies of essential products to help countries tackle the virus alongside other pressing health needs. Countries accessed supplies, on average, seven months faster than without pre-financing support.

This G7 DFIs partnership means MedAccess will be part of efforts to ensure that financial resources and innovative finance tools are deployed quickly and effectively during the next pandemic, helping to bolster preparedness and response efforts by G7 nations.

Read full press release on British International Investment’s website below.

Press release