Before the Covid-19 pandemic, government-led investment and engagement in life sciences was relatively restricted worldwide, with the industry mostly funded via private investment. The pandemic forced governments to acknowledge that this status quo had to change.
Since 2020, government agencies have provided funding for expensive late-stage vaccine development and the expansion of manufacturing capacity, as well as other key pharmaceutical activities. This included more than £6bn ($7.3bn) being made available by the UK Government in November 2020 for the development and procurement of successful vaccines. These activities had previously been funded mostly by the industry itself. The shift from private to public funding enabled more rapid development of Covid-19 drugs and vaccines. One example where this funding played a key role was allowing vaccine developers to operate at risk by performing multiple development stages simultaneously. As a result, multiple vaccines, including Pfizer/BioNTech’s mRNA vaccine, Comirnaty, were licensed for use within a year of development beginning.

