Like so many of civilization’s great conundrums, the quest for a cure for cancer needs more money. Drug development can take a decade and close to a billion dollars, so funders aren’t exactly queuing up to help commercialize innovations.
MIT Sloan Professor Andrew Lo and his colleagues have devised a revolutionary way of financing drug development through “securitized debt.” In an article in Nature Biotechnology, Lo and his coauthors Jose-Maria Fernandez, SF ’10, and Roger M. Stein of Moody’s suggest that a large megafund comprising long-term bonds issued by leading drug companies could help investors justify the funding of risky biomedical research.
It’s common to criticize many of the world’s mega-organizations for being resistant to change, but reinventing large organizations—across borders, across cultures, across governments—can be a daunting feat. Nevertheless, the World Bank Group, with 188 member countries, is tackling an unprecedented reinvention in an effort to boost the organization’s impact.
As the Middle East North Africa regional manager for the Trade & Industry Competitiveness Program of the International Finance Corporation (IFC), the private sector investment arm of the World Bank, Hazem ElWassimy, SF ’09, is on the front lines of the historic transformation at the World Bank Group (WBG). For the last two decades, he has been working for and with multilateral organizations and government entities to generate investments and spark innovations that help countries modernize and expand economic opportunities.