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Make it Pay to Do Good
Create tax, prize, or other incentives for private investment in new technology—such as vaccines for tropical diseases and cheaper solar energy—that can benefit the developing world.
One important way that rich countries affect poorer ones over the long run is through technology transfer. Vaccines have saved millions of lives around the world in the last fifty years. But for diseases that mainly affect people in developing countries, there has been little incentive for companies to develop vaccines or medicines used in those markets. That is changing as an innovative advance commitment to accelerate development of vaccines for diseases in developing countries gets underway to encourage firms to invest in research. It’s a way of guaranteeing a market for their product. Innovations in technology have been equally important in improving agriculture productivity, including the Green Revolution in India, and access to clean water in developing countries.
Unfortunately, the U.S. has self-protective licensing bans that have blocked much technology from reaching those in need. We need to make the development and sharing of technological advancements more attractive to U.S. businesses by offering tax breaks, prizes and other motivations. Not only will U.S. investors profit from the incentives, but people in poor countries will also benefit from new technologies that address their most urgent needs.
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