COVID-19 is a global crisis – but a solvable one. The Wellcome Trust is inviting businesses to donate a percentage of funds to help manage the pandemic and support the science that will resolve it.
According to the Global Preparedness Monitoring Board, an additional $8bn will be needed in the short term to fund research, development and supply of treatments for COVID-19 – and corporations can play a fundamental role to accelerate the solution and help to bring an end to the current pandemic.
Diverting the direction of COVID-19 with the help of businesses
The Wellcome Trust, the global independent foundation, has launched the COVID-Zero initiative to help raise at least $8 billion by the end of April 2020 to cover a global funding shortfall for vaccines, treatments and testing for coronavirus. COVID-Zero has the goal of engaging businesses to form a coalition that can help bridge this funding shortfall.
Most funding, globally, is going towards battling the pandemic, and global businesses are already doing incredible work in supporting their communities and employees.
However, Wellcome is urging businesses to give a proportion of the money they are dedicating to coping with the crisis, to help solve it.
“We also need a way out of this pandemic”
Dr Jeremy Farrar, Director of Wellcome said: “Businesses and governments are rightly concerned with tackling immediate concerns – how to support staff, keep trading and bolster economies. But we also need a way out of this pandemic as fast as possible.
“Drugs, vaccines and rapid diagnostics are the only way we have of saving lives, bringing this pandemic to an end and preventing it reappearing. This is the only exit strategy – but we do not have the funding we need to execute it.
“We want business leaders to give a small proportion of the money they are dedicating to coping with this crisis, to solving it. We hope that governments will follow their example.
“Otherwise, this is a global issue that will continue to plague the world – and businesses – for months, if not years, to come.”
How will the funding be spent?
According to the Global Preparedness Monitoring Board, the below is a breakdown of how the funding will be spent:
- $1 billion: to fully fund the WHO to support preparedness and emergency response;
- $250 million: for regional surveillance and control efforts;
- $2 billion: to develop vaccines;
- $1.5 billion: to develop therapeutics;
- $0.5 billion: to develop diagnostics;
- $1 billion: for manufacturing and delivery of therapeutics and diagnostics;
- $1 billion: to support manufacturing and delivery in low- and middle-income countries; and
- $0.75 billion: to stockpile COVID-19 vaccines and personal protective equipment.
Learn more about COVID-Zero here: COVID-Zero