$14 Billion Cumulative Investment Needed to Eliminate Poor Vision by 2050
Friday, September 27 2019 | 09 h 58 min | News, Press Release
Essilor International, subsidiary of EssilorLuxottica, published a ground-breaking report that defines the global scale of uncorrected poor vision – the world’s largest disability which overwhelmingly impacts the developing world –and outlines, for the first time, solutions to eliminate it within one generation. According to the report, a total investment of $14 billion over the next 30 years is required to eliminate uncorrected poor vision by 2050.
Uncorrected poor vision is the world’s most widespread disability: it affects 2.7 billion people across the globe, 90% of whom live at the economic base of the pyramid, and costs the global economy $272 billion in lost productivity each year. By 2050, uncorrected poor vision is predicted to reach epidemic proportions with over 50% of the world’s population expected to suffer from myopia, many with serious vision-threatening side effects and drastic long-term implications.
To gather more evidence-based insight into the scale of this vision care crisis, accelerate the identification of possible solutions and mobilize both public and private stakeholders, Essilor initiated the report “Eliminating poor vision in a Generation: What will it take to eliminate uncorrected refractive errors by 2050?” using analytical support provided by McKinsey. Its findings suggest that uncorrected poor vision can be eliminated by 2050 through an investment of $14 billion over the next 30 years, dedicated to creating sustainable access points to eye care, innovating for affordable solutions, funding subsidized and free services, and raising awareness.
Using the key findings of the report as a starting point, Essilor hosted a panel discussion, in partnership with the social enterprise and media platform Devex, on the sidelines of 74th Session of the United Nations General Assembly. The discussions examined how public and private stakeholders can jointly overcome the obstacles to meeting the 2050 target of universal vision. The event, held on 24 September 2019 in New York, gathered representatives from non-governmental organizations, health communities, multilateral agencies and international bodies.
Click HERE for the full press release.