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Joseph Stiglitz, Aaron Edlin, and J. Bradford DeLong

Print publication date: 2011

Print ISBN-13: 9780231143653

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231143653.001.0001

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Advance Market Commitments

Advance Market Commitments

How to Stimulate Investment in Vaccines for Neglected Diseases

(p.52) Chapter 7 Advance Market Commitments
The Economists' Voice

Owen Barder

Michael Kremer

Heidi Williams

Columbia University Press

Vaccines arguably offer the best hope for tackling diseases such as malaria, tuberculosis, and HIV that are concentrated in poor countries. However, there is a dearth of research and development on such vaccines. This chapter outlines the economic rationale for the “Advance Market Commitment” proposal, which the G8 finance ministers decided to pilot in 2006. Under the proposal, donors commit to help finance the purchase of vaccines against neglected diseases, if and when such vaccines are developed. The chapter first summarizes the value of vaccines in addressing diseases in poor countries. It then outlines two market failures that limit private sector investment in vaccines against neglected diseases. It argues that advance market commitments could accelerate the development of new vaccines for neglected diseases by addressing each of these market failures, and describes how such commitments can be designed to facilitate widespread access to these vaccines if they are developed. Finally, it discusses evidence suggesting that advance market commitments would be a cost-effective way for donors to save more lives than would be saved by virtually any comparable health expenditure.

Keywords:   vaccines, Advance Market Commitment, neglected diseases, G8, poor countries, private sector investment, vaccine development

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