, which was created to foster collaboration among different countries in pursuit of a solution to the healthcare crisis.
The secondary issue related to the dominance of the “local” political agenda, where each country sought to solve its domestic healthcare crisis first before considering assisting other affected countries. A secondary element of the hedge related to the unknown variable — the actual cost of vaccines from different suppliers. In an ideal world, the WHO would have committed greater resources to trials that showed promise and also came with a promise of low prices. The low-cost vaccines would enable the WHO’s limited resources to reach many more nations in distress.
Having understood the risks associated with the Covax hedge and the need to have an alternative in mind, one would have expected the South African negotiators to find more persuasive ways of securing the country’s timely access to vaccines. The payment that was eventually made by the South African government to the Covax facility pales in comparison to the investment required to address the local crisis.
That assurance of financial security provides comfort to manufacturers, reduces financial risk and enables more comprehensive trials to be conducted. The importance of financial security has been evident in the fast pace of the vaccine development process, which has resulted in approvals being granted at a record pace.At this stage, it remains unclear whether the vaccine doses will be once-off or a recurring treatment.
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