Care for non-communicable diseases (NCDs) like cancer is perpetually underfunded at global and local levels. This lack of sufficient funding means too many cancer patients go without the high-quality, affordable care they need. To address this financing gap, City Cancer Challenge Foundation (C/Can) is partnering with the Health Finance Institute (HFI), a global non-profit working to build blended finance partnerships to finance care for people living with NCDs.
Together, HFI and C/Can will explore how innovative financing mechanisms can power robust, sustainable funding for C/Can’s city cancer care interventions. HFI will lead a series of workshops for C/Can’s team and stakeholders in participating cities with the aim of building capacity in innovative finance mechanisms. In late 2021, following these workshops, C/Can and HFI aim to begin a pilot programme with one of C/Can’s cities using blended finance to scale up evidence-driven solutions for cancer patients.
“Blended finance mechanisms bring together the power of private and public sector investment and target it toward generating the maximum impact in terms of improved health outcomes,” said Dr Andrea Feigl, CEO of HFI. “We look forward to helping C/Can find ways to mobilise sustainable funding to meet the need for quality cancer care.”
“By partnering with HFI, C/Can will develop the capacity to participate in blended finance vehicles that can attract investment to make necessary cancer care affordable in low-income settings where it’s needed most,” said Isabel Mestres, Global Public Affairs, City Cancer Challenge.
Strong and sustainable financing is a key factor in achieving C/Can’s goals of providing more equitable access to cancer care. According to the WHO, 70% of deaths from cancer occur in low- and middle-income countries, a disparity driven in large part by lack of access to treatment due to cost constraints. But as expensive as quality cancer care may be, inaction is more costly – the total economic cost of cancer in 2020 was well over $1 trillion.
The Health Finance Institute (HFI) is a global non-profit organization that works to prevent, treat and manage chronic disease by brokering scalable blended finance initiatives with the private sector, countries, financial partners, and international organizations around the world. HFI translates evidence to prioritize and educate investments for funders and investors, and works at the nexus of these partnerships, guiding investments to generate the greatest health, financial, and development impact.
For more information, please visit healthfinanceinstitute.org.