Odd Lots How To Fund The Search For A COVID-19 Vaccine And Boost The Recovery
Apr 30, 2020
Bill Janeway, an economist and venture capitalist at Warburg Pincus, shares his expertise on government’s role in funding innovation during crises. He discusses how timely governmental support can accelerate COVID-19 vaccine development, drawing historical parallels to wartime efforts. Janeway critiques the fragmented U.S. response and emphasizes the need for better coordination and ethical considerations in distribution. He outlines strategies for economic recovery, comparing U.S. and German responses, and highlights governors' crucial role in fostering trust and stability.
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Funding Vaccine Research
- Fund multiple vaccine research efforts broadly, without preference for the source.
- Prioritize international collaboration to accelerate development, much like the US and UK's radar collaboration in WWII.
Supply Allocation Inefficiency
- The current lack of medical supplies is not due to resource scarcity, unlike WWII's competition for materials.
- It stems from an inefficient allocation system where states compete, highlighting a governmental coordination problem.
Centralized Procurement
- The federal government should centrally purchase essential medical supplies and allocate them based on need.
- This approach avoids state competition and price gouging, simplifying a logistically solvable problem.
