In response to a decline in global health funding, particularly in the world’s poorest nations, the Bill & Melinda Gates Foundation is geared up to spend a record $8.6 billion this year.
What Happened: The 2024 budget of the foundation, approved by its board, indicates a 4% increase from the previous year and $2 billion more than in 2021. The foundation attributed this increase to a general fall in global health budgets, particularly in low-income countries, according to a Reuters report.
Despite criticism for its significant influence, the Gates Foundation remains a major global health contributor. Its CEO, Mark Suzman, affirmed the foundation’s commitment to its mission until other organizations can fill the gap. The foundation intends to up its annual spending to $9 billion by 2026.
Co-founder Bill Gates emphasized the interconnection of health and humanity’s future, stating, "We can't talk about the future of humanity without talking about the future of health." The increased funding is designed to expand access to innovative health technologies for the world’s most vulnerable populations.
Following its focus on COVID during the pandemic, 2024 will see the foundation return to its fundamental priorities: fighting infectious diseases and addressing causes of child mortality. Gates and other executives plan to display simple health products at the forthcoming World Economic Forum event in Davos, Switzerland.
Why It Matters: The Gates Foundation’s record funding comes in light of its previous investments in health initiatives. In September, the foundation invested $5 million in Starpax Biopharma Inc., a biopharmaceutical R&D company, to develop a revolutionary platform to treat cancer.
Meanwhile, in December, it was reported that Bill Gates was earning $10.95 million per day, an income far surpassing that of average individuals. This income enables Gates and his foundation to make such large-scale contributions to global health, particularly in low-income countries that have seen a decrease in health budgets.
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