September 30, 2020 – In 2019, our guarantees secured lower prices and supported sustainable access to healthcare products for people living in underserved communities.
Our development impact in 2019
Our first guarantee supports the Hologic Global Access Initiative, a partnership between Hologic, Inc., the Clinton Health Access Initiative and MedAccess, to mitigate the burden of viral diseases, including HIV, Hepatitis B, Hepatitis C and human papillomavirus. This initiative provides greater access to molecular testing on Hologic’s Panther® testing platform. Our second partnership, with BASF SE and the Bill & Melinda Gates Foundation, supports access to BASF’s next-generation Interceptor® G2 insecticide-treated bed nets.
The agreement with Hologic supported the scale up of the use of Panther® in seven countries in sub-Saharan Africa during 2019. More than one million tests were procured by these countries, contributing to improved clinical outcomes for an estimated 182,000 patients. With an all-inclusive ceiling price of $12 per patient test, a 30 per cent price reduction has been achieved compared to other suppliers. This reduction saved procurers approximately $7 million in 2019.
Our guarantee for BASF’s Interceptor® G2 insecticide-treated bed nets was announced in October 2019. By the end of the year, 8.1 million nets had been ordered by five countries, with 3.2 million delivered to Burkina Faso and Rwanda. The negotiated price reduction with BASF saved at least $5 million for global health procurers last year.
Welcoming the report, CEO Michael Anderson said:
“At MedAccess, we combine a brain for business with a heart for humanity, bringing commercial insight and rigour to a relentless drive for development impact.
“Our first annual report demonstrates the remarkable impact of our guarantees, even in their early stages. We are committed to building on these early successes and entering into more partnerships that increase access to healthcare products and enable people to live healthier lives.”
Our finances in 2019
MedAccess delivered a strong financial performance in 2019 and we maintain a robust balance sheet. As a social finance company, any surpluses are reinvested in the business and used to support future guarantees.
Our ability to support a larger guarantee portfolio and a wider scope of activities has been augmented by CDC Group plc’s contribution of $100 million of additional capital in 2019. This contribution was envisaged when MedAccess was formed and it underscores our parent company’s confidence in our work.
Financial sustainability is a critical component of our business model. By sustaining ourselves over the long-term, we are positioned to continue to deliver development impact.