Policy Considerations for Health Investment GIHE
December 06, 2022
The international community is considering how best to collectively ensure the sustainability and resiliency of health systems following the COVID-19 pandemic. There is a common need for more resilient, interconnected systems that can weather shocks and continuously respond to the evolving health needs of people around the world. Investment in health is vital to the stability of economies worldwide.
In response to ongoing conversations in support of sustainable access to health products and technologies, including calls for greater local and regional manufacturing capacity, private sector stakeholders have convened to advance discussions. As a committed partner in promoting and protecting health, the private sector seeks to be a constructive collaborator in the identification and implementation of solutions toward a sustainable and resilient health ecosystem.
The following set of principles outline the private sector perspective on health sector investment:
- Because no single country can produce every health product it needs, robust, uninterrupted supply chains across borders are critical to domestic and global health security.
- Investment impact can be greater when local capacity serves not only local markets, but also regional and global needs.
- Public health spending should not be viewed as a short-term cost, but rather as a strategic investment for economic growth and security backed by cross-government support and effective governance.
- Both public and private sector investments in healthcare are critical and can be vast and varied.
- Investments can encompass areas such as research and development, clinical trials, disease education, capacity building, manufacturing, as well as registration and maintenance of healthcare products within and across markets.
- A predictable, transparent, and well-enforced legal and regulatory environment, including for intellectual property (IP), is essential to support health investment.
Explore the document for a table that outlines the core pre-requisite policy elements that make for a healthy market, conducive to sustained and robust health investment. Together, these policies support the predictability, efficiency, stability, and sustainability necessary to attract private investment, thus improving access to healthcare and achieving robust economies.