HYBRID EVENT: You can participate in person at Baltimore, Maryland, USA or Virtually from your home or work.
Massimo Florio, Speaker at Vaccine Research Conference
University of Milan, Italy
Title : Mapping of long-term public and private investments in the development of COVID19 vaccines


This study provides a mapping of funds contributed by different actors for the R&D and the expansion of the production capacity of COVID-19 vaccines, with a focus on those authorised in the EU. Nine vaccines are examined. It is found that governments, mainly the US (with some not-for-profit entities) decisively supported corporate investments, either for R&D, manufacturing, or both, by nearly EUR 9 billion, i.e. on average EUR one billion of grants per vaccine, with, however, vast variance across companies. Moreover, almost EUR 21 billion was allocated to companies through Advance Purchase Agreements. While the EU and MS support through Advance Purchase Agreements was key to de-risk the production of vaccines, the role of EU and MS support in directly supporting R&D was marginal compared with the US federal government. The study assesses the necessity for continuing public support to R&D on vaccines for SARS-CoV-2 future variants of concern and possibly other coronaviruses. After highlighting current market failures, new incentive mechanisms in the public interest for vaccine R&D are suggested to grant equity and accessibility, as well as rewards in line with risks.


Massimo Florio is Full Professor of Public Economics, University of Milan, Italy, and formerly Department Chair, now co-chair of the Jean Monnet Centre of Excellence on European research and innovation policy. His research interest include social cost-benefit analysis, industrial policy, innovation policy and economics of science. Florio is  author of over one hundred papers in scholarly journals, his books include “ Investing in Science “( the MIT Press, 2019) and “ The Privatisation of Knowledge” ( Routledge, 2023). He has recently lead an independent study for the European Parliament about the public and private funding of seven COVID- 9 vaccines, leading to policy recommendations adopted by the July 2023 plenary session of the Parliament .