Rethinking international financing for health to better respond to future pandemics

International financing for health has been high on the political and global health agenda since COVID-19. The recent launch of the Pandemic Fund represents the first consolidated effort of the international community to mobilise additional voluntary financial resources for the purpose of strengthening global efforts in pandemic prevention, preparedness and response (PPR). Against such a dynamic landscape, building on recent critiques and new policy proposals, we propose a new generation of more equitable, effective and coordinated financing arrangements for pandemic PPR and for global health and development more broadly: lessons that could be applied in the ongoing endeavour of the Pandemic Fund. We also explore the principles of Global Public Investment and consider their potential to achieve greater inclusiveness in governance, diversity in financing, and transparency and performance in operations. The Pandemic Fund could become the first example of a global health initiative based on innovative concepts. It needs to be broad based, more flexible, leverage a great variety of funding sources and join forces with multiple stakeholders to maximise the impact.