A (12:22)
So first of all, the Willie Sutton principle of why do we go to the banks? That's where the money is. So I fully agree. That is a logical decision. But if we go back in history, every time there is a pandemic, the bank says we're there, we're going to do things. And every time they haven't been able to, and it's not because they don't care and it's not because they don't have mechanisms. It is this risk issue and particularly with ida, there is a sense that we can't lose a single dollar. So if you're going to invest in vaccines before they're licensed, before we know that they work, you're sometimes going to invest in vaccines that don't work and you're going to lose money. And this is where we ended up, little David to Goliath, having to backstop the bank because they just said we have this money, we have it made it very hard, by the way, for me to raise money. Initially they said they had $12 billion, then they had $20 billion. I was like, great. The board was like, great, it's problem solved, it's all done. But then countries were saying we can't get access to the money, we can't buy vaccines with it. And so at the end of the we even had to provide funding for the health systems that would deliver vaccines because it wasn't as agile as it could be. So if there is reform of the system and if the banks want to do it, that would be great. But let me explain the risk that was involved, and I think it's important. We raised money and then we started putting contracts in place well before any of these vaccines, any of them had shown efficacy. Now, it turns out the reason we were so lucky and the vaccines worked as well as they did, most of them worked, was because research had been done over the last 15 years on other coronaviruses. So we knew how to design a vaccine for coronaviruses. None of those had been licensed, and we didn't know large safety, et cetera, but we had that science. And again, that's important. As we slash budgets for nih, as we slash budgets for Barda, as we do this, these were the things that allowed us to have the science that was in good place to do that. But imagine that I had taken development aid and I had put all these contracts in place, and none of the vaccines worked. So I had taken billions of dollars of money. My head would be on a stake with people around with it there. And I make that point because this is inherent, what is in a pandemic, particularly with a novel agent. It's different if it's a flu pandemic and you know how to make the vaccines, et cetera. So I think the challenge is you have to have that risk taken somewhere. And if you can convince people. And at the end, I convinced the donors, I think, although had that happened, I'm sure it would have been very different. And this is a mindset, particularly in development. It's a new world now. I know, but in those days, there was initially, we have to do something for the developing world, but then there was, oh, my God, we heard that there were a few doses wasted in Country X. There was a reporter that said some doses were wasted. When I looked across the G7 countries, massive numbers of doses were wasted, but none of them were transparent. Switzerland, was it wasted lots and lots of doses, which I talk about in the book. And I said to the G7 leaders, I said, look, if you could just admit that everybody's got wastage because of buying all these different vaccines and doses expiring, et cetera, then it'll be okay. But everybody's afraid that the opposition party will say, look, they wasted all this money. So those are the reasons I'm so uncomfortable. And I document in the Book. The other thing that was crazy was, and I understand it was a particular political moment with David Malpass as not a particularly friendly leader, because at that point we were still talking to who, we were trying to work with them, with others, but he excluded us. Even though we had all of the money to buy things, the risk from any of the discussions didn't allow us to work with Miga for guarantees. And that really was a challenge. The first decision the board took, and the only reason we found out about it was because they called us and said, does this make any sense? Was that any vaccine the bank would buy should have approvals from stringent regulatory authorities in three different regions. Now, that excludes all developing country manufacturers to your point of expanding the base of manufacturing. And of course, that wouldn't happen for a period of time. So it would kneecap developing countries to not getting vaccines quickly at all. So it really is about them getting to the place where they can move quickly and partner with people, which they eventually did partner with us. Had they partnered with us and brought the financial muscle along, we still could have taken some of the risk, as we did, but it would have been a natural thing instead of just going on its own.