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The G7 Finance Ministers announced today that they would work with others on developing a pilot Advance Market Commitment for a vaccine next year.
The finance ministers met in London this weekend to consider a report from Italian Finance Minister Guilio Tremonti. This report recommended that the G-7 adopt a plan that is based on proposals made in April by the Working Group convened by the Center for Global Development (CGD), in the report Making Markets for Vaccines.
We welcome Minister Tremonti's report, published today, on Advance Market Commitments (AMCs) for vaccines. Alongside direct funding of research, AMCs could be a powerful, market-based mechanism to support research and development of vaccines for diseases which affect the poorest countries. We agree to work with others on developing a pilot AMC next year, including continued discussions with expert bodies on the diseases to be addressed.
This G-7 pledge is visionary and far-reaching. By agreeing to pilot an advance market commitment to pay for a vaccine if and when it is developed, the G-7 will create incentives for private companies to invest in urgently-needed new vaccines which will save millions of lives a year in developing countries. This is an exciting new way for governments to work with the private sector to tackle global challenges. There is a broad consensus of governments, industry, development experts and the global health community in support of this initiative. I am very proud that our research and analysis has contributed to this new way of providing aid which is tightly linked to results. All of us who care about global health stand ready to help G-7 Governments to realize this important pledge.
Last week, Gavi, the Vaccine Alliance, completed a $7.5 billion replenishment to fund its work on immunization in the world’s poorest countries between now and 2020. Gavi’s next step is to ensure that the money is used as effectively as possible to save lives and improve health.