October 10, 2024 Poor mental health is an issue that affects almost everyone at some point in their lives, but people in all settings and communities still struggle to find and access the support they need. I am. Today, on World Mental Health Day, we want to share news about a new coalition dedicated to accelerating the investments needed to tackle mental health globally.
McKinsey Health Institute (MHI) partners with African Venture Philanthropy Alliance (AVPA), Clinton Global Initiative, Kokoro and Wellcome to create the Mental Health Investment Coalition with a bold vision to make investing in mental health a reality within a generation. (CMHI) was formed. Matches the scale of global needs.
A recent report from United for Global Mental Health found that mental health problems account for approximately 15 percent of all illnesses, yet receive only 1 to 2 percent of global health funding. This is contributing to an estimated $200 billion annual funding gap. The crisis is worst in low- and middle-income countries, where 80% of the world’s population lives and where care is often non-existent.
“In many African languages, the word depression does not even exist,” says Frank Aswani, CEO of AVPA. “This means that communications and strategies on mental health in Africa need to be contextualised. We need to direct investment. And as Africans or philanthropists, we cannot do this alone. As with other social challenges on this continent, the decline in aid and the limits of philanthropy. “Given the limitations of financial resources, we need to think about how to bring private capital into this area.”
Erica Ko, Partner and Global Co-Leader, McKinsey Institute for Health Research
Erica Ko, Partner and Global Co-Leader, McKinsey Institute for Health Research
As the world focused on the pandemic and the significant mental health distress felt by many, many companies responded by applying new technologies to address these long-standing issues. From 2020 to 2022, venture capital investment in mental health technology startups quadrupled compared to the previous four years, with nine new mental health unicorns created in 2021 alone.
“What we’re excited about is that we’re not starting from scratch here. There are many effective science-based solutions, but they haven’t been implemented and maintained at scale,” MHI said. Erica Ko, Partner and Global Co-Leader, explains. “We have seen market-building and scale-up efforts be very successful in other areas, such as climate change and poverty eradication. We are calling for a similar moment and movement in mental health. Masu.”
The Coalition will work together to build stakeholder networks and improve mental health at scale, using innovative mechanisms that are not only good for societal well-being, but also economically viable and attractive to both public and private funders. Support health investment. “Traditional philanthropic funding is great, but often short-lived. Bringing in different types of capital, such as private funds and institutional investors, allows for more sustainable funding. “We aim to do this,” said Kana Enomoto, Partner and Director of Brain Health at Mitsubishi Heavy Industries.
Each coalition partner brings unique expertise and networks to the table. Mitsubishi Heavy Industries has the unique ability to collaborate with all stakeholders. “We are learning and building from our deep expertise and fundamental research in brain health, as well as other practices such as private equity and investing, public and social sectors, consumer products, AI, analytics and technology capabilities. We’re thinking about what works in other markets as well,” Erica said.
The Coalition will share inspiring examples of how evidence-based interventions can impact people’s lives, along with the business case and economic potential of such programs. The goal is to broaden the reach so that funders understand that investments, especially in low- and middle-income countries, can bring economic and social benefits.
It will also bring together philanthropic, public and private capital to pilot funding innovations that put investment in mental health at risk. These could include social impact bonds, performance-based financing, blended finance models, and more.
“We will also strengthen our efforts to integrate mental health efforts with existing funding sources such as humanitarian efforts, education and climate change. We will also strengthen other health areas such as health and heart health,’” Erica outlines.
The coalition was formally launched at the Clinton Global Initiative Annual Meeting last month and received a strong reception for its vision.
“Everyone recognizes that it’s more than likely time to scale up action on mental health funding,” said coalition co-chair Chelsea Clinton. “It is heartening to see that leaders from all over the world and from different backgrounds want to join us in the action and be part of the solution.”
