Governments Spent at Least €93bn on COVID-19 Vaccines and Therapeutics During the Last 11 Months
According to analysis conducted by kENUP Foundation, the public sector has dedicated at least €93bn to COVID-19 vaccines and therapeutics in 2020. More than 95%, about €88.3bn, was spent on vaccine companies. Only 5% of public COVID-19 funds were spent on therapeutics.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210110005098/en/
Most of the funds, around €86.5bn, were used to conclude advance market commitments (AMCs). In return for the right to buy a specified number of vaccine doses in a given timeframe, governments finance part of the upfront costs faced by vaccines producers in the form of AMCs. Just 7% of funds were spent through preferred loans or conventional grants.
The data also shows the origin of the funding: 32% of funds directed towards vaccine producers come from the US, 24% from the EU, and a total of 13% from the governments of Japan and South Korea.
For vaccines, exceptionally, governments invested 71% or at least €63.1bn into Small and Medium Enterprises (SMEs) and MidCaps. Only 18% of funds went to big pharma, underlining the importance of SMEs in driving innovation.
Holm Keller, Chairman of kENUP Foundation said: “Public investments have been instrumental in supporting innovation in the fight against the coronavirus. To bridge the time until broad rollout of vaccines, further investment in therapeutics is especially important. In parallel, a dedicated public pandemic preparedness scheme that would make vaccines and therapeutics readily available at lower development costs for any kind of pandemic pathogen is needed”.
The figures are kENUP’s analysis of publicly available information. They do not include private sector investments. The data was correct as at January 10, 2021.
About kENUP Foundation:
kENUP Foundation is a non-profit public benefit foundation supporting research-based innovation in health industries for societal benefit. kENUP initiates public and private investment into innovations with the potential to improve the livelihood of every citizen. The development of such innovations is often hampered by failing markets. Through its work, kENUP aims to change that.
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
TX-GPD-COMPANIES22.1.2021 14:35:10 CET | Press release
GPD Companies, Inc. to Acquire Distrupol
TX-SCHLUMBERGER22.1.2021 12:52:04 CET | Press release
Schlumberger Announces Fourth-Quarter and Full-Year 2020 Results
CA-ANDERSEN-GLOBAL22.1.2021 11:04:11 CET | Pressemeddelelse
Andersen Global styrker sin afrikanske platform med Kashadah & Co.
JEOL22.1.2021 07:02:12 CET | Press release
JEOL: Release of a New Cold Field Emission Cryo-Electron Microscope CRYO ARM™ 300 II (JEM-3300)
DAWEX/NUMALIM/ORANGE22.1.2021 01:58:07 CET | Press release
NumAlim Selects Dawex and Orange Business Services for its Data and Services Exchange Platform
VIIV-HEALTHCARE21.1.2021 23:14:12 CET | Press release
ViiV Healthcare announces FDA approval of Cabenuva (cabotegravir, rilpivirine), the first and only complete long-acting regimen for HIV treatment
DE-INCYTE21.1.2021 22:32:11 CET | Press release
Incyte Announces Acceptance and Priority Review of BLA for Retifanlimab as a Potential Treatment for Patients with Squamous Cell Carcinoma of the Anal Canal (SCAC)
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom