Word: malariae
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...thing: the companies make a difference while adding to their bottom line, consumers get to show their support for a good cause, and - most important - lives are saved. In the past year and a half, (RED) has generated $100 million for the Global Fund to Fight AIDS, Tuberculosis and Malaria, helping put nearly 80,000 people in poor countries on lifesaving drugs and helping more than 1.6 million get tested for HIV. That's creative capitalism at work...
...Creating New Incentives Even so, no matter how hard businesses look or how creatively they think, there are some problems in the world that aren't amenable to solution by existing market incentives. Malaria is a great example: the people who most need new drugs or a vaccine are the least able to pay, so the drugs and vaccines never get made. In these cases, governments and nonprofits can create the incentives. This is the second way in which creative capitalism can take wing. Incentives can be as straightforward as giving public praise to the companies that are doing work...
...bill for 10 years of research into a new drug. That's why it's so important for governments to create more financial incentives. Under a U.S. law enacted last year, for example, any drug company that develops a new treatment for a neglected disease like malaria can get a priority review from the Food and Drug Administration (FDA) for another product it has made. If you develop a new drug for malaria, your profitable cholesterol drug could go on the market as much as a year earlier. Such a priority review could be worth hundreds of millions of dollars...
...improving the lives of everyone else. Some pharmaceutical companies, like Merck and GlaxoSmithKline, are already doing this. The Japanese company Sumitomo Chemical shared some of its technology with a Tanzanian textile company, helping it produce millions of bed nets, which are crucial tools in the fight to eradicate malaria. Other companies are doing the same in food, cell phones and banking...
There are some, of course, who find anything Gates does or says nefarious. Last year the Los Angeles Times reported indignantly that while the Bill & Melinda Gates Foundation was busy saving lives from malaria, Africans continued to die of other causes. A more serious left-wing argument is that important social goals shouldn't have to rely on the charity of some corporation. While Gates sees what he calls "recognition"--credit for doing good--as a healthy incentive for corporations to behave well, others see the same phenomenon as propaganda and are not impressed. There is something deeply wrong with...