From Market Failures to Market Shaping: Working Towards Equitable and Sustainable Access to Medical Technologies

Policy Brief 2023 Clarissa Cita Magdalena, Muhammad Iqbal Hafizon, Sinta Amalia Kusumastuti, Sayyid Muhammad Jundullah

This Policy Brief was first published in https://t20ind.org

Inequitable vaccine distribution during the COVID-19 pandemic, particularly in low- and lower- middle income countries, has shown how market failures have hampered access to medical technologies. This brief identifies governance, financing, and regulation problems at the state, regional, and global levels that contribute to the market failure of medical technologies. The G20 is a viable avenue to find shared, effective solutions to encourage governments in adopting market-shaping strategies to meet the common objective of equitable access to medical technologies. Investing in research and development and expanding manufacturing facilities located in different regions worldwide are essential for the realisation of the common objective. Under the direction of a global governing entity and with allocations of funding and supportive regulations, these manufacturing facilities can serve as a pathway to sustain the production and distribution of medical technologies.