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Investing.com -- The European Union plans to stockpile critical medical equipment and vaccines to prepare for future health crises, European crisis chief Hadja Lahbib announced Wednesday.
The initiative comes as the 27-country bloc seeks to avoid repeating shortages of vaccines and protective masks experienced during the COVID-19 pandemic.
"We need a long-term strategy to make sure that essential supplies that keep society running are always available," Lahbib said at a news conference.
Under the EU Stockpiling and Medical (TASE:BLWV) Countermeasures Strategies, officials will create a priority list of medical equipment to be stored across Europe, including vaccines, therapeutics, diagnostics, and personal protective equipment.
The EU will also establish a network to improve coordination among member countries during health emergencies.
Financial support for these measures includes doubling investments in the Health Emergency Preparedness and Response (HERA) to €200 million ($234 million) by 2027. HERA funds research and development projects related to health security.
Additionally, the European Commission will launch a Medical Countermeasures Accelerator designed as a one-stop shop to help companies access financing for developing health technologies.
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