Michael joined Laura Frigenti, Global Head IDAS Institute, KPMG, and former Zimbabwe Minister of Finance and Economy Simba Makoni, now Managing Director of Makonsult, to discuss funding opportunities and challenges that will contribute to global access to healthcare. The panel was chaired by Mark Chataway, co-Chairman of Baird’s CMC/Hyderus Consulting.
When asked during the session about the decline in overall flows of Official Development Assistance (ODA) for health and how this will affect healthcare in countries, Michael said: “I think there are going to be systemic economic shocks. It’s important to remember, on health spending in ODA eligible countries, ODA accounts for only 1.5% of health spending, so the huge bulk of health spending is national. The decline in tax revenues, that come along with declining GDP, is going to be single biggest hit.”
Michael also shared details of MedAccess’ mission to use innovative finance tools to increase the affordability and accessibility of healthcare products, adding: “Finance can be very creative. MedAccess is a finance company, but we are a not-for-profit finance company and our model is we partner with companies who have products, typically products that are high margin, important effective health products they’d like to bring into new markets. We provide guarantees that help companies move into those markets with the object of making the products affordable and accessible.”
Laura Frigenti reflected on the impact of COVID-19 and that the world was already struggling to fight several diseases before the pandemic while Simba Makoni reminded listeners of the importance of civil society in facilitating equitable access to healthcare.
A full recording of the event, held during day two of PQMD’s 2021 Global Health Policy Forum, is available here.
For more information, and to access other sessions focusing on global health and pandemic preparedness, please visit the PQMD website: https://www.pqmd.org/about-us/annual-pqmd-global-health-policy-forum/