The WHO Foundation joined the Japanese government’s push to mobilize greater investment in healthcare in low- and middle-income countries.
The WHO Foundation’s CEO Anil Soni and Impact Investment Chief Geetha Tharmaratnam joined Cabinet Ambassador Mr. Hideo SUZUKI in Tokyo as partners in the government’s Impact Investment Initiative for Global Health, known as Triple I (https://tripleiforgh.org/#partners).
The aim of Triple I, launched during Japan’s G7 presidency in 2023, is to improve world health by raising the profile of impact investment in global health, building up a community of expertise in impact investment and brokering networking opportunities.
Mr. Suzuki, Ambassador for Global Health, government of Japan said: “Triple I partners are called on to demonstrate their support for impact investing to address global health issues in LMICs. The WHO Foundation is committed to improving health equity with the help of private capital and we welcome them as a valued partner, whose mission aligns clearly with the aims of this initiative.”
The Geneva-based WHO Foundation was established four years ago to raise private funding for the World Health Organization (WHO). It advocates for impact investing as a way to attract sustainable financing for health. Currently it acts as partner and advisor to the Global Health Equity Fund, which is operated by the global venture investing platform OurCrowd. The Global Health Equity Fund intends to invest in tech-focused start-ups with the potential to improve access to health and drive down costs in low-and middle-income countries.
It is estimated that the impact investment market stands at 1.164 trillion in 2021, with around 7 percent invested in healthcare and a further six percent in water and sanitation initiatives.
Anil Soni, CEO, the WHO Foundation said: “As a donor government, Japan is already a major and dynamic contributor to global health. Yet there is untapped potential for impact investment from the private sector to improve health in low- and middle-income countries. Millions of people currently pay directly for their own healthcare, and it frequently pushes them over the poverty line.
By bringing health innovations to the market, portfolio companies can widen access, choice and offer value for money to patients and health systems. Investments in health pay back hugely – for both individuals and economies. By creating more affordable, accessible healthcare, we can also achieve a more equitable world.”
The WHO Foundation’s impact investing partnerships are part of the wider mission of the WHO Foundation to attract business and private philanthropic funding to the World Health Organization.
In May, the UN’s health authority launched its first ever investment round as part of a drive towards more sustainable funding for the organization. WHO currently secures only 20 percent of its budget from member states in the form of flexible funding with the remaining 80 percent ring-fenced for specific initiatives, which has presented operational challenges for the organization.
Since launch, the Triple I initiative has attracted more than 80 partners, ranging from impact investing firms to development banks and UN agencies.
