Key Concept

Key Evidence: A recent study estimated that, during the decade from 2011-2020, every US$1 invested in immunization programs in the world’s 73 poorest countries would yield a US$16 return on investment. Using an approach accounting for additional societal benefits of vaccination (the “full income approach”, which quantifies the value that people place on living longer and healthier lives), researchers estimated the return could be as high as US$44 per US$1 invested.

Ozawa, S., Portnoy, A., Grewal, S., et al 2016. Return on investment from childhood immunization in low- and middle-income countries, 2011-2020. Health Affairs. 35(2).
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By preventing illness, disability, premature death, lost wages, and other costs, this modeling study found that vaccines against ten pathogens averted $828.5 billion of economic burden in 94 low- and middle-income countries between 2021 and 2030. Immunization programs provided a high return on investment (ROI), with projections for net benefits of vaccine programs estimated at $1,445.3 billion (using a cost-of-illness approach) and $3,371.5 billion (using a value-of-a-statistical-life approach) from 2011 to 2030. For every $1 invested in immunization, there was a return on investment of $20 using cost-of-illness and $52 using a value-of-a-statistical-life approach.

Sim, S. Y., Watts, E., Constenla, D., Brenzel, L., & Patenaude, B. N. 2020. Return On Investment From Immunization Against 10 Pathogens In 94 Low- And Middle-Income Countries, 2011–30. Health Affairs. 39(8).
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Key Evidence: Vaccination of children in the Philippines against 6 diseases was found to significantly increase IQ and language scores (compared to children receiving no vaccinations) and was estimated to have a 21% rate of return.

Bloom, D.E., Canning, D., and Weston, M. 2005. The value of vaccination. World Economics. 6(3).
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