In a bid to increase competitiveness among companies supplying it with vaccines, UNICEF has announced that it will be publicly displaying prices of the vaccines that it purchases from pharmaceutical companies in order to make the deals more transparent.
The organization revealed that it had spent more than $750 million last year on purchasing vaccines and providing over 2.5 billion doses to over 99 countries. However rising costs means that UNICEF is now hoping for price competitiveness among various pharmaceutical companies who will know the exact price for which UNICEF has made deals with rival companies.
UNICEF added that it will be publishing the prices of any future vaccine deals though some of the pharmaceutical giants such as Novartis and Merck have both declined the offer to publish their prices.
"Transparency is a core principle in itself and will support governments and partners in making more informed decisions. Transparency will also help foster a competitive, diverse supplier base for global public goods", UNICEF's Director of Supply Division, Shanelle Hall said.