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Statecraft
How to Shape a Market
Jun 12, 2024
Chris Snyder, a Non-Resident Senior Fellow at the Institute for Progress and an economics professor at Dartmouth, dives deep into Advanced Market Commitments (AMCs). He discusses the unexpected collaboration of the U.S. and Russia in funding innovations. Snyder reveals why certain diseases like malaria didn't get AMCs, while cancer and Alzheimer’s may be poor candidates. He explores the complexities of vaccine funding and the vital role of organizations like the Gates Foundation in enhancing vaccine distribution, emphasizing the need for a balanced approach to health challenges.
01:08:57
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Quick takeaways
- The podcast emphasizes the dual importance of pull and push funding in promoting innovation, particularly in addressing unmet social needs in healthcare.
- Professor Snyder illustrates how the Advanced Market Commitment (AMC) model effectively accelerates vaccine development, significantly reducing market entry time for essential health products.
Deep dives
Understanding Pull and Push Funding
Pull funding offers financial rewards at the end of the innovation pipeline, incentivizing private parties to develop products by promising payments for successful outcomes. In contrast, push funding supports innovators from the start by providing grants to cover research and development costs. This discussion emphasizes the importance of both funding types—while push funding has long been the standard, pull funding can incentivize faster market responses, particularly in areas where social needs are not adequately met by commercial interests. The unique characteristics of pull funding, such as addressing societal needs through guaranteed future payments, make it a valuable tool in healthcare and other innovation-driven sectors.
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