# Advance Market Commitments and Their Role in Public Innovation

## TL;DR

This paper explores how advance market commitments can drive innovation in medicine by analyzing past examples and offering policy recommendations.

## Contribution

The paper provides a novel analysis of AMC successes and limitations through case studies and offers new policy recommendations.

## Key findings

- AMCs have shown promise in accelerating vaccine and therapeutic development.
- AMCs need to be combined with other funding mechanisms for optimal innovation outcomes.
- Case studies reveal both the effectiveness and shortcomings of AMC approaches.

## Abstract

Advance market commitments (AMCs) are gaining increasing attention as an alternative science funding mechanism to promote innovation in medicine. In this paper, we first review the theory underlying AMCs, before analyzing two case studies of prior AMCs: the Gavi, the Vaccine Alliance pneumococcal conjugate vaccine AMC launched in 2007 and the use of AMC-like mechanisms in Operation Warp Speed in the US. We identify the empirical successes and limitations of AMCs in promoting research and development into new therapeutics and vaccine candidates, highlighting both the strong promise of AMCs and the need to complement them with other science funding mechanisms to promote innovation. We conclude with a series of recommendations to inform science policymakers.