VEB.RF Chairman Shares His Vision of Future Healthcare with WHO Commission

Formed by the WHO Pan-European Commission, the Working Group on Health, Sustainable Development and the Economy held the first meeting on 25 November. VEB.RF Chairman Igor Shuvalov took part in the event.

He noted that the economic downturn caused by the pandemic made it difficult to sharply increase public spending on health and that it was necessary to focus on improving the efficiency of current budgets. “The key areas that will enable us to do it are the integration of traditional medicine and advanced technology, such as artificial intelligence, as well as public-private partnerships in healthcare,” he said.

Igor Shuvalov exemplified an effective model for public-private partnerships in medicine with a scheme similar to VEB.RF’s impact investing projects. “For instance, the government can place an order for the development of some medication, and a private company agrees to fill the order. If the key goal is achieved and if the new medication is effective, the government reimburses the company for some of its expenses associated with developing the medication,” he explained. “As a result, an effective company will receive support from both the market and the government.”

According to Igor Shuvalov, mitigating the consequences of the pandemic requires a comprehensive effect, which cannot be achieved unless the government and businesses join forces with each other. “The most important thing for us is the well-being of our people. Only when the government’s measures to support ailing industries, ease the tax burden and improve legislation come with businesses’ efforts to set up new enterprises and consequently create new jobs, we can achieve a real effect for the economy and therefore for the well-being of our people,” he added.

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