Big Pharma is an exemplar of capitalism in action – a whole system based on private ownership of resources and means of production, and their use for profit.
It creates its own competitive markets, has a strict system of property rights and has incredibly reliable demand on which to base its supply, dictate pricing and accurately predict growth. To put it simply, this is an industry built around a race for solutions, driven by profit.
Over the course of the pandemic, we have seen how this heavily capitalist operating model can result in incredible expedited innovation to meet global needs – vaccines were needed, and the system produced and provided them in record time.
So what if we applied this solutions based model to solve a different problem instead? How quickly could we solve the climate crisis or income inequality if the financial motivation was there?
Hosted by Penny Richards – Managing Director, Aspen Institute UK
Professor Louise Kenny – Executive Pro Vice Chancellor of the Faculty of Health and Life Sciences at the University of Liverpool
Dr Danny Sriskandarajah – CEO, Oxfam GB