Mr. Oliver O'Connor:

In all considerations of the interplay between public-private investment and payment for vaccines, we consider that we have to look at the benefits and the value generated. For any vaccine or medicine, the value accrues to the individual and to the state, and some value accrues to companies that produce medicines. That is the balance, and how that is divided up is the constant job of the payment and investment in medicines and vaccines generally.

I would say that, in this case, the value generated by vaccines incalculably outstrips both the value for money investment the public sector has made and the value that is earned by companies. Even within our own economy, we can see that. We have a domestic economy of some €240 billion or €250 billion. If we have a 1%, or 10%, or some other level of fall in that economic output, that vastly exceeds what Ireland would have invested in any part of the European investment in research and development and, indeed, paying for the medicines. In the balance of who gets the benefit globally, it is society that is getting the huge benefit from all of the excellent investment that has been made by the public sector. Along with the reward for pharma companies that did invest, fundamentally, the value that is delivered has accrued to people in their lives and to societies.