Global health fund demands $ 8 billion to launch exit strategy for COVID-19

LONDON (Reuters)-A leading global healthcare fund has called on international companies and governments to provide $ 8 billion to support the development and manufacture of COVID-19 tests, medicines and vaccines.

The UK-based Welcome Trust said the initiative, called COVID-Zero, is aimed at the private sector and has asked multinational companies’ CEOs to join the coalition and save lives.

The fund will develop new COVID-19 tests, medicines and vaccines, and expand production by the end of April, with an initial $ 8 billion (a small portion of the wealthy government’s investment in a distressed economy). Said that would be enough.

“This is a global issue that has plagued the world and businesses for months, if not years,” said Jeremy Farah, director of Welcome.

“We want business leaders to provide a small portion of the money they are spending to address this crisis. We want the government to follow their example. ”

Welcome said that $ 2 billion of the $ 8 billion initially needed would help poorer and more vulnerable countries build up stockpiles of masks, medicines, and other defenses against other outbreaks.

The pandemic of COVID-19 disease has caused a sharp downturn in the global economy, which has already slowed, causing a major wave in the financial markets as a whole and has wiped out about $ 15 trillion in the stock market alone.

More than 1.3 million people have been reported infected with the new coronavirus, and 74,087 people have died.

According to a Reuters survey of more than 50 economists in North America, Europe and Asia on April 1-3, a poll three weeks ago is expected to grow 1.6%, while global economies this year were 1.2%. It is expected to shrink by%.

Scientists around the world are working on vaccine development and testing of existing drugs that could be potential treatments for COVID-19, while also improving diagnostic tests.

However, Farah warned that these teams were at risk of lack of funds. Without it, new treatments may not reach clinical laboratories and ultimately may not reach those who need treatment.

“Drugs, vaccines, and rapid diagnosis are the only ways we can save lives, end this pandemic, and prevent it from recurring,” Farah said.

“This is the only exit strategy, but I don’t have the money I need.”

Report by Kate Kelland. Edited by David Goodman

Our standards:Thomson Reuters Trust Principles.

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