A landmark resolution passed at the World Health Assembly in Geneva emphasises the importance of viewing health spending as a long-term investment rather than a short-term cost.

At the assembly, the Chair of the World Health Organization Council on the Economics of Health for All, Prof. Mariana Mazzucato, highlighted the need for collaboration between ministers of health, industry, and finance in designing economies that prioritise the wellbeing of their citizens.

She said this is of particular importance as austerity has returned to many countries and threatens health budgets, while the demands continue to rise (for example, through increased risks of pandemics due to climate change).

Investments in health are, in fact, long-term drivers of growth, Prof. Mazzucato said.

“A modern industrial strategy should focus on bold social and environmental missions, which will then catalyse investment, innovation, and growth across relevant segments of the economy,” she said.

But she warned that unless innovation is governed for the common good, the benefits may not be widely shared.

“Governments should set stronger conditions for those seeking public support for health innovation, not least by requiring that the resulting health products and services be made widely available and affordable,” she said.

“Rather than pursuing economic growth regardless of the consequences, we should orient economic activity towards the goals of human health and wellbeing, and towards ensuring a healthy and sustainable environment.”