Despite the ongoing impact of COVID-19, disrupted supply chains for healthcare products and a tough economic outlook, millions of people benefitted from access to healthcare thanks to its partnerships.
The Annual Review details MedAccess’ work in 2021 to strengthen healthcare markets, supporting manufacturers to invest in, scale up and open up access to medical products.
The highlights include:
- accelerating deal making with three new guarantees: this includes new deals supporting continued production of RTS,S, the world’s first malaria vaccine; securing a record low price of $1 for a HIV-syphilis dual rapid diagnostic test, and scaling up access to 3HP preventive treatment for latent tuberculosis.
- rolling out MedAccess’ new 2021-2025 strategy, which sets out an ambitious growth plan to maximise impact and help progress towards the 2030 Sustainable Development Goals.
- creating a blended finance model: MedAccess now operates with a blended finance model, enabling it to receive grants to cover dealmaking costs. Its first contribution came from the UK’s Foreign, Commonwealth & Development Office to target the fight against HIV, tuberculosis and malaria.
- strengthening our specialist team including appointing a new Chief Financial Officer, while building on the foundations of the health markets, investments and operations teams.
- living our values to build a diverse, equitable and inclusive company. MedAccess reaffirmed its commitment to building an even more equitable and inclusive organisation.
The Annual Review sets out the aims of MedAccess’ 2021-2025 strategy, which was approved by the Board in May 2021. The strategy will enable MedAccess to increase its scope and impact, bringing new financial tools to support access to medical products for a wider range of diseases.
The 2021-2025 strategy has five priority areas:
- Do more on infectious disease and vaccines. MedAccess has increased the amount of risk it is prepared to take in individual partnerships, and British International Investment has agreed to a higher leverage ratio so MedAccess can derive more impact from their invested capital. MedAccess has streamlined the investment approval process without sacrificing rigour, so it can be nimbler in responding to fresh opportunities.
- Expand work to new areas including non-communicable diseases. MedAccess is already moving into work on products for non-communicable diseases such as diabetes, cardiovascular disease, and cancer. It will offer market-shaping finance for upstream manufacturing inputs as well as downstream distribution channels. And it will seek to improve markets for private purchasers as well as public procurement, including in upper middle-income countries where access to medicines is often restricted.
- Mobilise blended finance to achieve more impact. MedAccess will mobilise grant funding to invest in long-term market-shaping partnerships, to cover some deal development costs, and to unlock guarantee finance for high-impact transactions.
- Provide debt products and a wider range of guarantees. MedAccess will offer loans for capital investment, working capital, and loan guarantees in addition to the volume guarantees and procurement guarantees already available. The new financial tools will allow more flexible support for initiatives such as local manufacturing and improved distribution.
- Build long-term partnerships to strengthen health outcomes. MedAccess will expand its time horizons beyond individual transactions. It will support select initiatives designed to shape health delivery for particular therapeutic areas where markets are weak, for example oxygen supplies or primary health care.
MedAccess also published its 2021 Annual Report and Financial Statements today.
Read the 2021 Annual Review plus Annual Report and Financial Statements