UK provides funding for global vaccine drive
An international scheme to encourage pharmaceutical firms to develop vaccines against common diseases that are prevalent in poorer countries is to receive
An international scheme to encourage pharmaceutical firms to develop vaccines against common diseases that are prevalent in poorer countries is to receive £284m in funding from the UK.
Finance ministers of the most powerful countries in the world launched the pilot scheme as they attended a G8 meeting this weekend.
The Advance Market Commitment guarantees the buying of vaccines at fixed prices once they have been developed, giving drug companies an incentive to produce them.
Chancellor Alistair Darling said: "The UK is pleased to support this initiative ... which should ensure a sustainable and affordable supply of vaccines well into the future."
Britain, Canada, Italy, Norway, Russia and the Bill and Melinda Gates Foundation will invest more than £900m in the project.
It is being co-ordinated by a collaboration of the World Bank, UNICEF, the World Health Organisation and the international vaccine agency GAVI alliance.
As part of the scheme, pharmaceutical manufacturers will look into developing vaccines for pneumococcal diseases, which are responsible for the deaths of up to 1.6 million people each year, including up to one million children under five.
Participating firms will also make legally binding commitments to supply the vaccines at lower and sustainable prices after the donor funds are spent.