Private sector providing crucial help amid coronavirus challenges
Five years ago, Bill Gates filmed a thought-provoking TED Talk titled “The next outbreak? We’re not ready.” The global philanthropist and Microsoft co-founder warned of countries’ lack of preparedness for the next deadly pandemic. Gates referred to the 2014-2016 Ebola epidemic in West Africa as a live example of how unprepared the world was. Unknowingly, Gates also shared his advice for being ready for the next global epidemic, emphasizing the importance of investing in better health systems, vaccine research, health workers, and medical technologies. Today, that premonition has come true, as the coronavirus disease (COVID-19) outbreak sweeps the planet, wreaking havoc wherever it goes.
The number of confirmed coronavirus cases continues to increase, surpassing 475,000 cases on Thursday. But a growing number of philanthropists and corporations are offering a helping hand to alleviate the damage caused by the outbreak. This is commendable, as partnerships between the private sector, governments and civil society are essential. Corporations are transitioning from their outmoded roles as profit-generating entities to a more humane, agile and sustainable form of capitalism. This entails harnessing their unique expertise in various sectors, colossal resources, extensive networks, and operational efficiency to deliver valuable and socially responsible initiatives. Candid, an organization that publishes information regarding philanthropic contributions, estimates that $1.9 billion has been donated by private entities worldwide for coronavirus relief. Philanthropic efforts come in various shapes and sizes, encompassing the funding of research efforts on coronavirus detection and treatments, augmenting public health care systems, providing financial security to impacted employees and families, supporting small businesses, and launching mental wellbeing programs.
One of the pioneering contributions for the coronavirus outbreak was made by the Bill and Melinda Gates Foundation, which committed $100 million to the “COVID-19 Therapeutics Accelerator.” This encompasses efforts to detect, manage and treat the virus. Partners are also working on providing equitable access to vaccines and treatments, making them widely available and affordable.
Many corporations are also strengthening the work of public health care systems. Luxury fashion brands have been particularly generous in this regard. In the UAE, business magnate Khalaf Al-Habtoor pledged to donate 50 ambulances, in addition to establishing a virology laboratory specializing in medical research.
As the economy shuts down to prevent the spread of the virus, many corporations continue to pay their employees. Additionally, large corporations are supporting small enterprises amid the economic downturn spurred by the outbreak. Amazon has pledged $5 million to local businesses in Seattle, while Google has donated $1 million to companies based in Mountain View, California, where it is based. In the UAE, the Al-Futtaim Group has established a Dh100 million ($27 million) fund to offer rent relief for eligible at-risk tenants in its shopping malls.
Social distancing is also affecting many people’s mental well-being. That is why Starbucks has announced that it will increase its mental health benefits to include 20 in-person or video therapy sessions a year for employees and their family members. Meanwhile, several telecoms companies in the US have launched the “Keep Americans Connected Pledge,” which aims to ensure individuals are connected to the internet so that they can keep in touch with loved ones. With such concerted global efforts from the private sector, we can hopefully accelerate the recovery of societies and economies.