Introduction

Following the 77th World Health Assembly, the 194 WHO member states committed to the historic milestone of finalising the Pandemic Accord within the next year. By agreeing on certain amendments to the International Health Regulations (IHR), the WHO and its member states express their commitment to prioritise solidarity and fairness in improving access to medical supplies and funding. Consequently, this involves creating a Coordinating Financial Mechanism (CMF) to aid developing countries in accessing funds for core capacities and emergencies. However, the complexities of financing pandemic governance pose a significant challenge to the implementation of these commitments.

Challenges in Financing Pandemic Governance

Low- and middle-income countries are hesitant to embrace costly capacity-building obligations without concrete financial support from wealthier nations. Conversely, higher-resourced countries face internal political obstacles, hindering financial commitments due to taxpayer scrutiny and competing demands for development resources. This disparity in financial capacities exacerbates the already fragmented landscape of global health financing initiatives.

Impact of Pandemics on the Global Economy

Pandemic prevention and preparedness is measured in billions of US dollars, but pandemic recovery is measured in trillions. Currently, the global economic toll of the COVID-19 pandemic is projected to reach an eye-watering US$15.8 trillion by the end of 2024. Alternatively, significantly reducing transmission of new diseases from tropical forests would cost up to US$30.8 billion, roughly 500 times less than the economic losses from fighting COVID-19. One study explained that investing up to $130 billion over the next two years, and $50 billion annually thereafter would significantly reduce the likelihood of future pandemics. Sadly, pandemics have a long-lasting affect on the global economy, counter decades of societal progress, and disproportionately affect lower-income countries. Strengthened financing can boost global resilience against pandemics and lessen their disproportionate impact on vulnerable populations.

Proposed Financing Mechanisms

Three key financing mechanisms are under scrutiny: the Pandemic Accord, IHR, and the WHO. Importantly, the draft Pandemic Accord introduces crucial yet expensive capacity-building commitments. These necessitate innovative financing strategies such as domestic funding, leveraging grants, loans, and debt relief to mobilise financial resources effectively. Additionally, the creation of the CMF aims to harmonise financing efforts for both the IHR and Pandemic Accord, acknowledging the interconnected nature of their obligations.

Recommendations for Strengthening Global Health Financing

1. Establishing a Standing Financing Committee under the Pandemic Accord to enhance financial oversight and coordination.
2. Introducing assessed contributions as a sustainable financing source for the CMF to ensure reliable funding.
3. Implementing robust financial forecasting mechanisms for day zero surge responses to enhance emergency preparedness.
4. Designating the WHO as the coordinating authority for global health financing to streamline efforts and prevent fragmentation.
5. Ensuring sustainable financing for the WHO to empower the organisation in fulfilling its critical role in global health governance.

Conclusion

Investing in robust financing mechanisms for global health governance is not just a financial imperative but a moral obligation to safeguard global health security. By addressing the challenges of financing pandemic governance, we can build a more resilient and equitable world prepared to confront future health crises effectively.