WHO Appeals For $31Bln For ACT-Accelerator COVID-19 Coordination Initiative

MOSCOW (Pakistan Point News / Sputnik - 13th August, 2020) Director-General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus has launched an appeal for over $31 billion for the Acces to COVID-19 Tool (ACT) Accelerator initiative.

Launched by the organization in April, the ACT Accelerator's objective was to coordinate global effort to curb the spread of COVID-19 by streamlining the equitable distribution of tests, treatment and vaccines.

"The first and most immediate need is $31.3 billion US Dollars, for the ACT-Accelerator. The ACT-Accelerator is the only up and running global initiative that brings together all the global R&D, manufacturing, regulatory, purchasing and procurement needed, for all the tools required, to end the pandemic," Ghebreyesus said in a briefing on Thursday.

The world's top health official added that even though it was easy to think of the ACT-Accelerator as a research and development drive, but it was in fact the best investment countries could make to ensure a swift path out of the pandemic.

"In reality it's the best economic stimulus the world can invest. Funding the ACT-Accelerator will cost a tiny fraction in comparison to the alternative where economies retract further and require continued fiscal stimulus packages," Ghebreyesus said.

He explained that global coordination would help smooth out skewed distribution of a prospective vaccine, as high demand could reap unfavorable results.

"Excess demand and competition for supply is already creating vaccine nationalism and risk of price gouging. This is the kind of market failure that only global solidarity, public sector investment and engagement can solve," Ghebreyesus stressed.

Several controversies have already made headlines concerning first rights on prospective vaccines. A pharmaceuticals executive came under fire in May for allegedly promising the United States first rights on a vaccine of their development, comments which were swiftly walked back.