Chapter 3.8 highlights the importance of funding as a tool for preparing for and responding to pandemics. A pandemic can wreak health, societal and economic havoc. Prioritizing common and global public goods for health and specifically for pandemic planning is complex and requires financing mechanisms at national, regional and supranational levels. Key learning, including from COVID-19, is that

• – Pandemic preparedness is subject to inherent market and collective action failures and is often underfunded.

• – Governments need clear strategies for funding preparedness.

• – Preparedness depends on strong health system foundations and contingency funding mechanisms that go beyond simply setting funds aside. It is crucial that funds can be mobilized quickly and in a coordinated fashion.

• – Key steps for planning responses include

• Assessing existing activities and mapping value for money

• Agreeing the need for public financing for population-based functions (i.e. common goods)

• Identifying appropriate types of financing that reflect the complexity of determining resource needs and allow for nuanced cost estimation

• Developing context-specific financing tools that include flexible funds and address accountability

• Holding transparent discussions about trade-offs

• Improving budget transfer mechanisms

• Integrating domestic finance into multiyear budgets, and

• Managing and strengthening international collaboration

• International guidance and learning from COVID-19 can help inform preparations. Organizations including the WHO and World Bank offer tools to help decision-makers. It is crucial that these are assessed for suitability to context and customized to the national and local setting.