So far, countries (Kenya, Ghana, Ethiopia, and Senegal in particular) have relied on very aggressive policies, including orders to stay home, close school prematurely, and restrict public gatherings to limit the impact of COVID-19 unclear how long they can keep it up without increased international help, especially for vaccines. If these inequalities are not addressed, it will be costly – for everyone. A RAND study estimates the economic damage of an unequal allocation of COVID-19 vaccines at $ 1.2 trillion a year, with losses in high-contact sectors such as tourism, travel, and transportation large compared to fair global vaccine distribution are. Conversely, according to the Eurasia Group, fair distribution could yield estimated economic benefits of $ 153 billion by the end of this year, which could triple to over $ 460 billion by 2025, if only 10 major economies are included. The transnational reality of the virus and the high costs of vaccine nationalism make stronger multilateral cooperation in the global use of vaccines indispensable, as distribution gaps allow further spread and increase the risk of additional mutations.
International vaccine and COVID-19 related help required
Subject to significant changes, these countries will have to rely on international financial institutions and other partners to fill the gaps and prevent the pandemic from worsening. Significant funding commitments are required. Full treatment of the Pfizer or Moderna vaccine costs $ 40 or more, which is very expensive for poorer countries that have to buy hundreds of millions of doses. In addition, the indirect costs of storing, transporting and administering the vaccine are significant. The delivery therefore requires refrigerated vehicles, temperature monitors and suitable roads to transport vaccines to rural areas. Vials, syringes, and needles are other vital vaccine supplies, which developing countries can be costly to purchase.
Among other things, pharmaceutical companies have stated that they would make cheaper doses available to poorer countries, with high-income countries already buying 4.6 billion doses (out of around 8.5 billion worldwide) and few direct stores having to trade between the latter Vaccine makers and low-income countries for a limited dose supply rely entirely on the roughly 13 percent of supplies purchased through global vaccine initiatives such as the World Health Organization’s (WHO) COVAX – a collaboration between governments and manufacturers promoting equitable access to COVID-19 – Want to ensure vaccines. Even if these are all offered at discounted prices, they only amount to 1.1 billion doses, which is only enough for the entire population of Indonesia, Pakistan and Brazil, for example. While the COVAX initiative seeks equitable access to rich and poor countries, it faces serious funding problems: at the end of last year, COVAX estimated that another $ 6.8 billion would need to be raised in 2021, of which $ 6 billion Might facilitate supply and delivery to developing countries. Additional support is mobilized; In February, the G7 countries allocated $ 4.7 billion to the Access to COVID-19 Tools (ACT) accelerator that COVAX is monitoring. The ACT Accelerator funds the development and fair introduction of tests, treatments, and vaccines. The most recent pledge brings in a total of $ 10.3 billion, but the Accelerator still has a shortfall of $ 23 billion for 2021.
Since the pandemic reversed decades of progress in international development, targeted foreign aid is another important means of support. The details of foreign aid, and bilateral aid in particular, are limited, but data gathered by Cooper-Smith shows that COVID-19-specific foreign aid, particularly from the United States government, goes to countries with the highest case rates.