?:abstract
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Despite the high societal value of vaccination against diseases of epidemic potential, aspects of vaccine economics create challenges for achieving socially optimal levels of vaccine R&D, production, and uptake Because vaccine R&D and the knowledge it creates are global public goods and because administered doses of vaccine have substantial positive externalities, the market tends to undersupply them We therefore need public intervention to support R&D, manufacture, financing, and delivery-likely in the form of collective financing and the regulation of existing institutions COVID-19 is highlighting the fragility of our current systems for vaccine development, manufacture, and delivery The world would do well to strengthen its systems before the next emerging pathogen gets a foothold in the human reservoir
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