Giving Compass' Take:

• Yifei Xu explains the role of philanthropy as a multi-tool for preventing further damage as the coronavirus runs its global course.

• How does philanthropic collaboration play a monumental role in shoring up the holes left by the pandemic? What are you doing to halt the spread of coronavirus?

• What are other renowned philanthropists doing to curb the coronavirus? Learn more here.

Against the backdrop of the global epidemic, the COVID-19 outbreak has surfaced global role models whom we can learn from to respond effectively and efficiently to the threat. It has proven that no one-off responses can tackle such unpredictable outbreaks; instead, systemic, collaborative, and long-term efforts are required. As communities step up to tackle this disease, it is an opportune time to reflect on how philanthropy can take proactive steps to prepare for future outbreaks.

Sustained R&D investments in vaccines, treatments, virus gene screening and diagnostics are crucial to prevent future catastrophic outbreaks. Developing and manufacturing any vaccine for infectious diseases can be a risky investment for the private sector, and the government may not have the capital to take up first-loss position. Philanthropy can play a key role in not only supporting R&D costs and building technical capabilities, but also motivating commercial capital to leverage social investments.

COVID-19 has become a global emergency and the infection curve is still rising. To flatten the pandemic curve, global collaboration will be fundamental. In particular, global transparency around research findings and data will be critical in ensuring public health response is effective in saving lives.

Despite its desire to contain fear and panic, WHO has finally declared COVID-19 a pandemic – the highest level classification to describe a disease outbreak. This signals a wake-up call in the face of “alarming levels of spread and severity, and the alarming levels of inaction”, according to Dr. Tedros Adhanom Ghebreyesus, director-general of WHO. Against this sobering backdrop, let’s mobilise our resources to change the course of this pandemic.

Read the full article about philanthropy as a multi-tool for mending coronavirus' impact by Yifei Xu at AVPN.