The COVID-19 pandemic has made remarkable progress in vaccine research, and vaccine development has reached a record speed. In the five months since mass vaccination began, at least 900 million doses of vaccine have been injected, which gives people hope to end the pandemic and ensure that billions of people around the world receive the vaccine.
Strong support from the government and the private sector is needed to achieve the fastest and largest vaccine release. The reason for the introduction of the COVID-19 vaccine is unclear: more than 3 million people worldwide have died from the virus. If the COVID-19 vaccine is not distributed globally, in addition to these catastrophic human losses, the global economy may lose as much as US$9.2 trillion. How can the private sector help solve one of the most pressing problems of our time? Don’t know how to use its services, infrastructure and expertise to support vaccine adoption.
In Washington State, Starbucks employees are helping the government improve the efficiency of vaccination centers. In Israel, IKEA provides COVID-19 vaccines in stores. More than a dozen leading airlines have signed agreements with UNICEF to help prioritize the delivery of COVID-19 vaccines.
In addition to the much-needed direct grant support, the private sector can also strategically use funds to act as a catalyst and maximize its effect. In order to bridge the funding gap for key mechanisms, private donors need to establish partnerships with government donors and provide substantial financial support.
So far, only 3% of the funds guaranteed by COVAX come from private and non-profit donors such as MasterCard, TransferWise and TikTok and more. KOIS is working with a global company to figure out how to better support COVID-19 vaccination in its local market.
We hope to encourage other private and non-profit organizations willing to support COVID-19 vaccination to participate. It’s time to act now.