Bill Gates promises $10 billion for vaccines
DAVOS, Switzerland (Reuters) - Bill and Melinda Gates said on Friday they would spend $10 billion over the next decade to develop and deliver vaccines, an increased commitment that reflects progress in the pipeline of products for immunizing children in the developing world.
Over the past 10 years, the Microsoft (MSFT.O) co-founder's charity has committed $4.5 billion to vaccines and has been instrumental in establishing the GAVI alliance, a public-private partnership that channels money for vaccines in poor countries.
By increasing immunization coverage in developing countries to 90 percent, it should be possible to prevent the deaths of 7.6 million children under five between 2010 and 2019, Gates told reporters at the World Economic Forum.
Vaccination rates have already climbed remarkably in recent years, with even a poor African country like Malawi now boasting coverage rates similar to those in many Western cities.
"Over the last 10 years, the success of both increased vaccine coverage and getting new vaccines out has been phenomenal," Gates said.
More cash is now needed to make the most of new vaccines becoming available, including ones against severe diarrhea and pneumonia from GlaxoSmithKline (GSK.L), Merck (MRK.N) and Pfizer (PFE.N).
Further off, Glaxo is also in the final phase of testing a vaccine against malaria that Gates said could slash deaths from the mosquito-borne disease.
Gates warned against the risk of governments diverting foreign aid funding for health toward climate change, arguing that health should stay a top priority -- not least because better health leads to a lower birth rate, which is critical for tackling global warming.
(Reporting by Ben Hirschler; Editing by Hans Peters)