Chancellor urges global action to tackle antimicrobial resistance crisis

The health and economic prosperity of future generations is at risk unless we act urgently to address antimicrobial resistance, the Chancellor of the Exchequer, Philip Hammond will say today during the first ever joint meeting of G20 Finance and Health Ministers in Osaka, Japan (28 June).

It is estimated that drug-resistant bugs are to blame for 700,000 deaths worldwide each year, and this figure is predicted to rise to 10 million by 2050 if urgent action is not taken. It is also predicted that by 2050 antimicrobial resistance will cause a loss of between 1.1% and 3.8% from annual global (GDP).

During the meeting the Chancellor will stress that this issue is not only a matter for health ministers, but finance ministers too, and that world leaders need to work together to improve incentives for businesses to develop new antibiotics. He will also say that the World Bank and other multilateral development banks need to better understand the risks and impacts of antimicrobial resistance, and take these into account when making investments.