MedAccess expects to deploy at least $150 million capital to support the Global Fund to fight AIDS, Tuberculosis and Malaria over the next three years. MedAccess CEO Michael Anderson announced the social finance company’s intention at an event hosted in New York ahead of the Global Fund’s replenishment pledging session.
The Global Fund is aiming to raise $18 billion from donors to fund programmes to reduce the burden of HIV, tuberculosis (TB) and malaria in low- and middle-income countries. The Global Fund estimates that, if fully funded, its work will help save 20 million lives and avert 450 million infections and cases between 2024 and 2026.
With financial support from the UK’s Foreign, Commonwealth and Development Office, MedAccess aims to support the Global Fund by committing at least $150 million capital in guarantees and credit to secure price and volume agreements with manufacturers for key products for HIV, TB, malaria and related Global Fund priorities. Backed by British International Investment, MedAccess’ guarantees are already helping the Global Fund to increase access to lifesaving products including HIV self-testing, short-course tuberculosis preventive treatment, and next-generation mosquito nets.
The Global Fund estimates that, since its formation in 2000, it has helped save more than 50 million lives. Its work contributed to sharp declines in cases and fatalities from the three diseases since the turn of the century. However, COVID-19 led to a rise in cases of HIV, TB and malaria as countries were forced to scale back services and divert resources towards tackling the pandemic.
The Global Fund is seeking $18 billion to support its work between 2024 and 2026. The replenishment event, hosted by U.S. President Joe Biden, takes place in New York this week, with a pledging session planned for today (21 September).
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For further information, please contact Rob Kelly, Head of External Relations at MedAccess, on +44 7867 132038 or rkelly@medaccess.org
MedAccess is a UK-based social finance company with a mission to make global healthcare markets work for everyone. Its core purpose is to make medical supplies more widely available at lower prices in under-served markets. By applying the rigour and skills of business finance, it provides a novel solution to the challenge. MedAccess offers financial guarantees and debt products that reduce commercial risk and allow medical manufacturers to accelerate supplies into new markets at affordable and sustainable prices. In this way, vaccines, medicines, diagnostic tests and medical devices can reach patients far sooner than existing market forces would allow.
For more information see www.medaccess.org and follow MedAccess on Twitter @MedAccessUK.
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