On Apr. 15, 2020, the Bill & Melinda Gates Foundation announced an expansion of its funding for the global response to COVID-19. The increase includes an additional $150 million of grant funding plus a commitment to leverage the resources of the foundation’s Strategic Investment Fund, which could be deployed to catalyze the rapid procurement of essential medical supplies and help life sciences companies secure financing to produce COVID-19 products.  In announcing the funding, the foundation called on world leaders to unite in a global response to COVID-19 to ensure equitable access to diagnostics, treatments, and vaccines.

The foundation’s new $150 million commitment will fund the development of diagnostics, therapeutics, and vaccines, as well as new efforts to provide partners in Africa and South Asia with resources to scale their COVID-19 detection, treatment, and isolation efforts.

The foundation will also leverage a portion of its $2.5 billion Strategic Investment Fund, which uses a suite of financial tools to address market failures and incentivize private enterprise to develop affordable and accessible health products. These funds, which can include equity investments, loans, and volume guarantees, will be used to help health systems in low- and middle-income countries (LMICs) facilitate the rapid procurement of personal protective equipment for health care workers, COVID-19 diagnostics, oxygen therapeutics, and other essential medical supplies. Any financial returns generated by the Strategic Investment Fund are re-invested in Gates Foundation philanthropic programs.

The funding announced today builds on the $100 million the foundation has committed to date to support the global response, as well as $5 million in resources to support public health agencies and frontline response organizations in the greater Seattle region. Initial foundation funding has helped to kick-start the search for COVID-19 diagnostics, therapeutics, and vaccines; enhanced virus detection capacity in Africa; and contributed to the response in China. The foundation has also directed its programmatic technical expertise to support multilateral, national, and sub-national responses to the pandemic.

While there is not yet global consensus on the total resources required to turn back COVID-19, the figure is more than any one contributor will bear. A coordinated, international effort bringing together all sectors will be required to mobilize the billions in funding needed in the months ahead. Institutions such as the Coalition for Epidemic Preparedness Innovations (CEPI) and Gavi, The Vaccine Alliance are in place to coordinate the development and delivery of COVID-19 vaccines, but they require an influx of new resources to do so. Other organizations such as the World Health Organization (WHO), national governments, and private companies will need to be involved in funding the at-risk manufacturing of vaccine candidates and deciding how to ensure equitable access to essential products for populations worldwide.