On 11 March 2020, the World Health Organization (WHO) declared the SARS-CoV-2 virus (COVID-19) a pandemic. By then, an estimated 114,000 people had already been infected and almost 4,300 had lost their lives. The WHO estimated that by the end of 2020 there had been 83 million COVID-19 cases and the infection had claimed 1.8 million lives. COVID-19 also threatens to undo decades of progress against other diseases.
Progress towards every Sustainable Development Goal has been adversely affected by COVID-19, not least Goal 3, which focuses on human health. In this difficult environment, it is more important than ever to maximise the impact of every dollar invested in global health.
Our tools reduce the risks all sides face in uncertain markets, enabling manufacturers to bring their products to new territories and reach more people while securing lower ceiling prices and stable supplies for procurers.
Our approach focuses on deploying the appropriate financial product for the market, for our partners and ultimately for patients. We select high-quality partnerships and apply rigorous standards of due diligence when underwriting guarantees and analysing the potential impact of these guarantees.
We work with civil society, healthcare providers, policymakers, suppliers, donors and procurers, who are all committed to increasing equitable access to healthcare.
We scope opportunities through active monitoring of developments and trends in healthcare and innovative financing. This includes:
Stakeholders across the healthcare ecosystem play a vital role in ensuring MedAccess guarantees ultimately deliver the intended development impact.Read more
Our mission is to increase access to affordable healthcare. We measure the impact of our work using a Development Impact Framework comprising three indicators:
We estimate the impact of each opportunity against three indicators by comparing the expected outcomes against a counterfactual situation, where we are not involved. This ensures we only capture the additional impact generated by a MedAccess guarantee.
We make decisions based on the development impact that MedAccess can achieve.
We go further than expected in the pursuit of our mission.
We actively seek out knowledge on emerging trends and ideas in health and social finance.
We recognise the remarkable achievements by others in the global health space over the past 20 years and we seek to learn from their experiences.
We actively solicit feedback on our work.
We always seek to champion the work of our partners and others committed to improving lives and livelihoods around the world.
We base our decision on the highest quality data available.
We are continuously curious; asking questions and challenging assumptions to deepen our understanding.
We review and refine our work to ensure we deliver the best possible outcomes.
We are open, honest and transparent in all areas of our business.
We are fully accountable, as individuals and as a team, for our decisions.
When we make mistakes, we acknowledge and learn from them quickly.
We value and nurture positive relationships at all levels.
We keep our word and follow through on our commitments internally and externally.
We recognise people as individuals and invest time in their emotional wellbeing.
Our year-end net guarantee exposure was $58.4 million (2019: $26.5 million), reflecting the addition of the $50.0 million procurement guarantee and the discharge of $18.0 million of commitments over 2020.
Operating costs increased 72% to $7.2 million in 2020 (2019: $4.2 million), reflecting the growth in the business and continued investment to support the delivery of the Company’s strategic objectives.