Drafts of the global pandemic treaty have been widely criticized as “shameful and unfair.” A more symbiotic relationship must be established between the public and private sectors, sharing risks, but also benefits. Capital must be the top priority because, ultimately, all individuals—and all economies—suffer in a pandemic if life-saving tests, vaccines, and therapeutics are not available to everyone.

The International Monetary Fund estimates that the global economy suffered losses of $13.8 trillion.