'We right now are basically out of money' for COVAX, says Gavi

COVAX, the international initiative aimed at ensuring equitable access to COVID-19 vaccines, needs at least $5.2 billion in new funding over the next three months, according to Gavi, the Vaccine Alliance and its partners.

“We right now are basically out of money,” said Dr. Seth Berkley, chief executive officer at Gavi, during a press conference Wednesday. “That doesn't mean that we don't have money to pay for the doses that we've already ordered; of course we do.”

But the additional funding is needed quickly to pay for rollouts of donated doses over the coming months, he said, adding that about 25 countries are lagging behind on their vaccine campaigns, which need additional support. Funds are also needed to give COVAX the flexibility to purchase more vaccines.

“We need this money now because we know that without it, we will face further delays in accessing and securing supplies and helping countries delivering vaccines into arms,” Berkley said.

This includes $3.7 billion to fund a Pandemic Vaccine Pool of 600 million doses, which is intended to help COVAX adapt to uncertainties around the coronavirus’s evolution, including the need for booster shots and vaccines for new variants; $1 billion for supporting readiness among lower-income countries to receive vaccines and deliver them; and $545 million to fund additional costs of rollouts, such as those for syringes, transport, and no-fault compensation insurance.

“We are working to ensure that COVAX has the buying power necessary to secure its future place in line for supplies so that low-income countries are not left behind again,” said Henrietta Fore, executive director at UNICEF.

Of the new funds sought, early pledges amount to $192 million from Austria, Belgium, Denmark, Finland, Ireland, Liechtenstein, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, and Spain, as well as €300 million ($340 million) from the European Investment Bank, aimed at making financing available for African countries to access additional doses through COVAX. The private sector and philanthropists have contributed $66 million.

COVAX recently hit the milestone of delivering 1 billion doses, with deliveries to 144 nations and territories, of which 90% have gone to lower-income countries that received donor-supported vaccines.

Almost 10 billion doses have been administered globally, but nearly half of the world’s population has yet to receive even one dose, said World Health Organization Director-General Tedros Adhanom Ghebreyesus.

“Global coordination and funding is the only way to defeat the virus. In 2022, we can end the acute phase of the pandemic or prolong it,” Tedros said.

COVAX partners said the initiative currently has enough supplies to reach 45% of the populations in countries included under its advance market commitment, with previous financial contributions and already donated doses.

COVAX modeling estimates that its vaccine deliveries could save between 1 million and 1.27 million lives this year, and the economic costs of the pandemic could be reduced by up to half in some countries if vaccines are rolled out quickly.

Many nations have failed to meet vaccination targets over the past year, including a goal to vaccinate 10% of their populations by the end of September, and 40% by the end of 2021. While a midyear goal for 2022 aims to see all countries vaccinate 70% of their populations, COVAX is more focused on working with nations to meet their own targets, Berkley said.

“Every country has to judge where they are in their pathway and what their eventual goal is,” said Dr. Soumya Swaminathan, chief scientist at WHO. She added that some nations — particularly on the African continent where the median age is low — might have lower goals than the global target, given that vaccination campaigns often target older members of populations who are at higher risk of developing severe disease.