Webinar, Conference Presentation, Panel
Philanthropic Responses to COVID-19 in Asia-Pacific - Conference Call Series
Milken InstituteRichard Ditizio, Laurence Lien, Binod Chaudhary, Andrew Forrest, Cherie Nursalim, Rich D'Attizio
- An $8 billion influx of philanthropic capital is driving an exponential pivot toward global disease eradication, treatments, and vaccine development, with institutions dividing efforts between medical and financial ends.
- Approximately a dozen treatments have likely entered human clinical trials for the first time at such speed, including preliminary evidence on testosterone suppression therapies.
- Global academic and pharmaceutical sectors are singularly focused on the pandemic, expected to yield multiple therapies and a vaccine, while philanthropy assumes higher early risks before government-managed mass distribution.
- New Zealand's strict shutdowns are projected to hinder economic recovery despite effective viral containment, whereas Australia's approach of keeping essential services open is expected to enable faster economic recovery.
- Both Australia and New Zealand will rely on PCR RNA testing as the sole method to proceed with confidence until a vaccine becomes available.
- Nepal expects to test two percent of its population (nearly 500,000 people) while facing a significant surge in cases driven by millions of migrant workers returning from India, the Middle East, and Malaysia.
- In Nepal, the return of 1 to 2 million workers (representing 26% to 30% of GDP in remittances) is expected to exacerbate social conflict, supply chain threats, and food security issues due to limited quarantine and testing facilities.
- Sustaining quarantine camps in Nepal will require constant supplies of food, water, and support systems for several months.
- The US economy faces continued disruption with 39 million unemployed, hindered by a lack of unified containment or travel restrictions between states.
- Africa expects a robust spread of the virus once it starts in earnest due to limited public health infrastructure and a lack of testing.
- The World Bank projects 24 million people in Asia who were about to escape poverty will remain in poverty, with another 11 million potentially falling into it.
- Philanthropic resources are deemed insufficient for the recovery phase, with expectations of a widening gap between palliation and long-term rebuilding.
- Cross-border funding is expected to decrease as nations adopt more inward-looking and nationalist strategies, negatively impacting Sustainable Development Goals and risking regression.
- Future "black swan" events may include climate change and a re-evaluation of the neoliberal capitalist system and globalization.
- Blended finance models are expected to scale funding by leveraging over $100 trillion in global private sector assets, with initiatives like the SDG Infrastructure Fund in Indonesia and a billion-dollar fund for women in technology.
- Investing in QPCR technology is considered viable if the cost of reagents and machines decreases dramatically to assist countries like Nepal.
- Testing critical supply chains, including health workers, police, teachers, and food transport, is identified as a concrete method to protect vulnerable communities and prevent exploitation.
- The crisis is expected to spark innovation and collaboration, such as competitors working together on drug development, providing guidance for preventing future crises.
- Philanthropy is expected to lead the recreation of new institutions, rebuilding of the commons, and capacity building for businesses and community-based NGOs.
- A joint dashboard created by the ICC, UNICEF, and the Milken Institute is expected to track actions by companies, countries, and NGOs to solve the epidemic quickly.