"What we need is more innovation," Gates said, noting that his foundation has partnered with academic institutions, drug companies, and others. "If we're even smarter about this, we can accelerate progress in global health."

Gates noted that funding research remains the "very basic element" of improving global healthcare. He explained that while government funding is important, philanthropy plays a major role due to the long timelines some health research involves.

Philanthropy can be a bridge into the private sector. It's really the private sector that has the ability to turn discoveries into viable product.

Gates said that it was surprising how little research has been done on pre-term births (which account for half of newborn deaths), even in wealthy countries. He noted that even babies who survive being born early have a greater risk of developing health problems. In addition, he explained that it's now possible to diagnose the possibility for pre-term births, allowing for earlier, more effective intervention, though he added that these tests need to be made more affordable in developing markets.

Read the full article on Bill Gates by Daniel B. Kline at Business Insider