Table 1.
Comparative overview of CEPI, BMGF-SIF and GHIF funding assessments across six aspects (listed in the first column), including funding nature, targeted products, focus areas, typical value range of funds, funding structures and early/late phases of development funded. (Table courtesy of G. Rockman).
| Coalition Epidemic Preparedness Innovations (CEPI) | Bill & Melinda Gates Foundation Strategic Investment Fund (BMGF SIF) | Adjuvant The Global Health Investment Fund | |
|---|---|---|---|
| Profile | Primarily a Grant Funder to Support R&D for Interventions Against Epidemic Threats. Has the flexibility to develop other investment tools going forward. | BMGF SIF uses a variety of financing tools to stimulate private-sector innovation, encourage market-driven efficiencies and attract external capital to initiatives that support BMGF’s charitable mission | Adjuvant is an impact investment fund that uses venture capital and private equity strategies to support global health R&D projects with commercial financial return prospects |
| Interventions they Fund | Primarily Vaccines | Vaccines, Therapeutics, Diagnostics, and Other Technologies | Vaccines, Therapeutics, Diagnostics, and Other Technologies |
| Areas of Focus | WHO R&D Blueprint Priority Pathogens; e.g. Ebola, Lassa, MERS, Nipah, “Disease X” | HIV, TB, Malaria, and Other Neglected Infectious Diseases, Maternal and Child Health Challenges | HIV, TB, Malaria, and Other Neglected Infectious Diseases, Maternal and Child Health Challenges |
| Typical R&D Funding Amounts per Project | $10–50 Million | $5–100 Million | $5–50 Million |
| Funding Structure(s) Available | Milestone-Based Grants. Flexibility to develop other investment tools. Also entering into “Development partnerships” with aligned non-profit organizations. Also putting in place tools for surge funding to expedite R&D during outbreaks. | Loans, Equity Investments, Project Financing, Volume Guarantees, and Other Innovative Finance Mechanisms (note that BMGF’s Global Health Program makes traditional grants as well; SIF capital is used when an investment structure is more suitable) | Loans, Equity Investments, Project Financing |
| Phases of Development Funded | Early Stage (Preclinical, Phase I, and Phase II) | Early Stage, Late Stage, Commercialization/Scale-Up | Late Stage (Validating Phase II Data or Later Required), Commercialization/Scale-Up |