On the sidelines of the UN General Assembly in New York, the European Union (EU) and the Bill & Melinda Gates Foundation announced new financing mechanisms to improve access to health products, including contraceptives, for women in low- and middle-income countries (LMICs).
What Happened: This initiative follows a meeting between Nadia Calvino, President of the European Investment Bank (EIB), Jutta Urpilainen, European Commissioner for International Partnerships, and Bill Gates, co-chair of the Gates Foundation, according to the European Commission on Tuesday. The new mechanism, in collaboration with the United Nations Population Fund (UNFPA), aims to reduce costs and barriers, enabling better access to contraception and maternal health medicines.
Currently, UNFPA supports LMICs in accessing these health products but faces challenges due to funding constraints. The new mechanism will frontload multi-year donor commitments, allowing for advanced planning and broader access to family planning products.
The financing mechanism will be led by the EIB, backed by the European Commission, and supported by the Gates Foundation. Additionally, new financial guarantees of up to €170m ($190M) will be developed to incentivize the production of life-saving products.
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Globally, over 257 million women and girls lack access to modern contraceptive methods. Without additional resources, a $1.5B funding gap for contraceptive products in LMICs could emerge by 2030. This partnership aims to address these critical needs.
Why It Matters: The Bill & Melinda Gates Foundation has been a significant player in global health initiatives. Earlier this year, the foundation committed a record $8.6 billion to global health, responding to a decline in funding, particularly in the poorest nations. This increase in budget reflects the foundation's dedication to filling gaps left by other organizations.
Additionally, Bill Gates has been actively involved in improving healthcare globally such as combating malaria, a disease that affects millions annually. His multipronged approach includes reducing mosquito populations and protecting people from infection, which has significant economic implications for the world's poorest regions.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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