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Why do essential medicines still fail to reach millions of people in developing countries? As economists Lucy Xiaolu Wang and Nahim Bin Zahur explain, part of the issue is how drugs are bought and sold. In an article commissioned by my colleague Vivian Lam, they dive into the high-stakes world of global drug procurement, looking at the hard choices countries face in getting treatments to patients.
One increasingly popular strategy is what economists call “pooled procurement” – when countries band together to buy medicines in bulk. It often leads to lower prices and more reliable supply. But pooling isn’t a magic fix. The authors show how it can come with trade-offs such as longer lead times and less flexibility, factors that become a problem in emergencies or when political winds shift.
And shift they have: Just consider how recent U.S. foreign aid cuts are already straining health systems that depend on international support. This isn’t just a supply-chain story – it’s about how economics shapes life-and-death decisions worldwide.
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Lucy Xiaolu Wang, UMass Amherst; Nahim Bin Zahur, Queen's University, Ontario
Pharmaceutical companies have little incentive to sell drugs to countries that can’t afford them. But bargaining together can increase access to vital treatments worldwide.
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Law
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Diane Coyle, University of Cambridge
Economist Diane Coyle explains how backlogs and underfunding in tribunals and civil courts causes problems for business.
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Work
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Jason Colquitt, University of Notre Dame
Witnesses to workplace mistreatment respond with both schadenfreude and empathy, an analysis of 158 studies found.
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Entrepreneurship
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Kate Gannon, London School of Economics and Political Science; Shaikh Eskander, London School of Economics and Political Science
Women entrepreneurs in Africa may be leading the way in building long-term climate resilience.
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Inequality
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Elena Moore, University of Cape Town; Vayda Megannon, University of Cape Town; Zeenat Samodien, University of Cape Town
South Africa should back care for older people with real investment and action.
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Regulation
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Brian Fauteux, University of Alberta
As big streaming companies fight legislative requirements to pay into Canadian content, the story of satellite radio exemplifies competing commercial and public interests in policymaking.
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