ABSTRACT
Fighting communicable diseases such HIV/AIDS, tuberculosis (TB, and malaria has become a global endeavor, with international health authorities urging the development of effective vaccines for the eradication of these global pandemics. Yet, despite the acknowledged urgency, and given the feasibility of effective vaccine development, public and private research efforts have failed to address a response adequate to the magnitude of the crisis. Members of the academic community suggest bridging this gap by devising research pull mechanisms capable of stimulating private investments, confident that competition-based market devices are more effective than public intervention in shaping scientific breakthroughs. With reference to the economics of innovation, the paper argues that, whilst such an approach would lead to a socially suboptimal production of knowledge, direct public intervention in vaccine R&D activities would represent a far more socially desirable policy option. In recognition of the current financial and political fatigue affecting the international community towards communicable disease control, the paper resorts to the theories of global public goods (GPGs) to provide governments, both in the North and in the South, with a powerful rationale for committing to a cooperative approach for vaccine R&D. The paper encourages the creation of a Global Health Research Fund to manage such exercise and proposes enshrining countries’ commitments into an International Health Treaty. The paper ends by providing a number of policy recommendations.
