GHIT Fund
ANNUAL REPORT

2016

E

01

CONTENTS
LEAPS AND BOUNDS

03

THE 3As05

ADVANCING PORTFOLIO

07

ACCELERATING PARTNERSHIPS

11ACCESS PRIORITIZED13

FINANCES

17

LEADERSHIP

19
02

LEAPS AND BOUNDS
Letter from Chair and CEO

The 2016 fiscal year advanced GHIT’s pipeline by leaps and

GHIT also welcomed ten new funding partnerships with major

bounds. The past 12 months were also marked by extraordinary

global pharmaceutical and biotechnology companies—

commitments to global health, reminding us that global will iscollaborations that expand our investment capacity significantly.

stronger than ever. The Government of Japan pledged $1.1 billion
at the G7 Ise-Shima Summit in May to key global health

Additionally, the sixth Tokyo International Conference onmechanisms, including $130 million to the GHIT Fund andAfrican Development (TICAD) took place in Africa for theUnited Nations Development Programme (UNDP) .This pledge

first time, underscoring Japan’s faith in Africa’s future andserves as a bold demonstration of Japan’s unwavering support

emphasizing the inextricable links between health andfor research and development (R&D) for neglected diseases

economic vitality.

around the world. This commitment builds on a legacy of global
health landmarks at previous G7/G8 summits held in Japan.
03

Clockwise from upper left: Yoshihiko Hatanaka (Representative Director, President and CEO, Astellas Pharma Inc.), Tatsuro Kosaka (President and COO, Chugai Pharmaceutical Co., Ltd.),
Takuko Sawada (Director and Senior Executive Officer, Shionogi & Co., Ltd.), Koichi Aiboshi (Director-General for Global Issues, Ministry of Foreign Affairs, Government of Japan), Trevor Mundel(President, Global Health Division, Bill & Melinda Gates Foundation), Hinoshita Eiji (Director, Global Health Policy Division, International Cooperation Bureau, Ministry of Foreign Affairs,
Government of Japan), Hikaru Ishiguro (Board Member, Health and Global Policy Institute), Hiroyuki Yamaya (Director, Office of International Cooperation, Ministry of Health, Labour and Welfare,
Government of Japan), Ko-Yung Tung (Senior Counselor, Morrison & Foerster), Kim C. Bush (Director, Life Sciences Partnerships, Bill & Melinda Gates Foundation), Ann M. Veneman (Former
Executive Director, UNICEF; Former Secretary, United States Department of Agriculture), Peter Piot (Director and Professor of Global Health, London School of Hygiene and Tropical Medicine),
BT Slingsby (CEO, GHIT Fund), Kiyoshi Kurokawa (Representative Director and Chair, GHIT Fund), Naoko Yamamoto (Assistant Minister for Global Health, Minister’s Secretariat, Ministry of
Health, Labour and Welfare), Christophe Weber (Representative Director, President and CEO, Takeda Pharmaceutical Company Limited), Haruo Naito (Representative Corporate Officer and CEO,
Eisai Co., Ltd.), George Nakayama (Representative Director, President and CEO, Daiichi Sankyo Company, Limited), (Affiliation and title for all are as of June 7, 2016). Not pictured: Mahima Datla(Managing Director, Biological E. Limited) and Richard Seabrook (Head, Business Development, Wellcome Trust).

The global context for these commitments is marked by

As GHIT’s fifth anniversary approaches in 2017, ourstark reminders of the urgency of global health R&D, in the

motivation to accelerate global health R&D is stronger thanwake of the Ebola and Zika epidemics. The lack of tools andever. We extend our deepest gratitude to the development

delivery challenges experienced during these epidemics remind

partners, funders, and sponsors whose creativity, courage, andus of the scientific and access frontiers we have yet to cross.

passion fuel our own.

Indeed, access remains a paramount priority for GHIT. Our
focus on ensuring effective, affordable delivery of theinnovations that will soon emerge from our pipeline has onlygrown since our establishment.
Kiyoshi Kurokawa, MD
Board Chair

BT Slingsby, MD, PhD, MPH
Chief Executive Officer
04

3AS

THE

A
DVANCING
PORTFOLIO
P.07

We advance the global health R&D portfolio
by investing in innovations that leverage
Japan’s unparalleled resources and know-how,that can be brought to market in the relative
near term, and that will have a significant
impact on the global disease burden. We use
private sector standards for our portfolio
management.

05

A
CCELERATINGACCESSPARTNERSHIPSPRIORITIZED
P.11

P.13

GHIT banks on a vibrant ecosystem of cross-sector,

Today, over two billion people lack access tocross-border collaboration. Fostering that ecosystemessential medicines. In the poorest parts ofis tremendously important to us. We are proud of theAfrica and Asia, which bear the brunt of thesectoral diversity of our development partnerships,

global infectious disease burden, this figure

which involve many research institutes, private

rises to half of the population. For GHIT, andcompanies, non-profit organizations, and academic

all its partners, access is inextricably linked to

institutions, all helping one another to achieve their

the R&D process.

respective project goals.

06

ADVANCING PORTFOLIO
Discovery
Target Research Platform

Screening Platform

Hit-to-Lead Platform

Diagnostic

Drug

Drug

Drug

VaccineMalaria
Drug

Drug

Drug

Drug

Vaccine

Drug

Drug

Tuberculosis
Drug

Chagas disease/Leishmaniasis
Drug

Neglected Tropical
Diseases

Drug

Drug

Drug

Drug

Drug

150.0
140.0

TotalCommitted
Investment– Leveraged

Million
12.8

07

2.0
6.5

18.9

2013 September

2014 March

51.1

130.0
120.0
110.0

47.7

100.0
90.0

29.7

31.8

46.0

32.4

80.0
70.0
60.0

20.7
34.3

GHIT Investment

57.1

63.7

82.6

98.6

50.0
40.0
30.0
20.0
10.0
0

2014 September

2015 March

2015 September

2016 March

2016 September

2017 MarchThe US dollar amounts represent conversions from Japanese yen, solely for the reader’s convenience, at JPY 100 = USD 1.

Cumulative investments USD (in millions)150

Co-investment

Preclinical

Clinical

Product Development Platform

Product Development Platform
Phase

Drug

Diagnostic

Vaccine

1b

Phase
Drug

Drug

Vaccine

Drug

2a

Phase

UNIVERSITYOF FLORIDA

Drug

2a

Phase
Diagnostic

VaccineDengue fever

Chagas disease

2b

Phase
Vaccine

Drug

Drug

2a

Schistosomiasis

Leishmaniasis

Phase
Drug

Drug

Drug

2b

VaccineSoil-transmitted helminths
Drug

For more details about each project, please visit the GHIT Fund website: https://www.ghitfund.org/impact/portfolio/advance
Information on this page represents active projects as of March 31, 201708

ADVANCING PORTFOLIOA SOLID INNOVATION PIPELINEOver the past four years, GHIT has invested US$100 million in 61 global product development partnerships that leverage
Japanese innovation and capacities in pharmaceuticals. Our novel product development collaborations have engaged 39
Japanese organizations and 49 non-Japanese organizations since our launch in 2013.

DRUG DEVELOPMENT

the gold-standard drug praziquantel for schistosomiasis,

To date, nine Japanese organizations havedeveloped by the Pediatric Praziquantel Consortium, will

partnered with Medicines for Malaria Venture (MMV), fivewith Drugs for Neglected Diseases initiative (DNDi), andsoon enter a Phase III trial.

nine with the TB Alliance—all to screen tens of thousands

VACCINE DEVELOPMENTof novel drug candidates through our Screening Platform.

Our pipeline features seven active vaccine
development projects, with strong representative candidates

Eight of our 23 novel screening candidates advanced into

in malaria, TB, and NTDs. Osaka University, European

the next stage of development; namely, our Hit-to-Lead

Vaccine Initiative, and the National Center for Research andPlatform (HTLP). We have invested in 9 projects in HTLP

Training for Malaria in Burkina Faso have successfully

and so far we have seen one project that has successfullycompleted a first-in-human trial (Phase Ib) in Burkina Faso

advanced to the lead optimization stage. This project is a

for a blood stage malaria vaccine candidate (BK-SE36) withpartnership between Daiichi Sankyo and MMV, which

aluminium hydroxide gel as a vaccine adjuvant. Thesebegan its work under the auspices of our Screening Platform

partners will conduct a separate Phase Ib trial for BK-SE36

in 2013 and has produced a malaria drug candidate that isusing a different formulation of the antigen with the K3

currently in the lead optimization stage.

CpG adjuvant (BK-SE36/CpG) to assess potential safetyissues and the immune response against BK-SE36.

GHIT has invested in six clinical trials to date for drugs formalaria, tuberculosis (TB), Chagas disease, andFurthermore, two development partnerships (one between

schistosomiasis. Our pipeline features multiple drug

Ehime University and PATH MVI and the other between

candidates with various mechanisms of action andCellfree Sciences and the University of Florida) arepharmacokinetics to treat malaria. A partnership between

progressing to optimize lead antigens for a

Takeda and MMV recently completed a Phase IIa trial intransmission-blocking malaria vaccine that will slow thePeru, which successfully established Proof of Concept

development of resistance and thus extend the effectiveness(POC) for its antimalarial drug candidate DSM265. SJ733

of current interventions.

(developed by Eisai, the University of Kentucky, and MMV)
is another antimalarial drug candidate in clinicalTokyo Dental and Medical University, Muhimbili

development and is expected to enter a Phase IIa clinical

University of Health and Allied Sciences, and Geisel School

trial in 2017.

of Medicine at Dartmouth are leading development for ourmost advanced vaccine candidate DAR-901 (a TB vaccine

We also continue to see progress in clinical trials forfor adolescents), with a Phase IIb trial under way in

Neglected Tropical Diseases (NTDs). For instance, Eisai

Tanzania. Unlike most TB vaccine trials that test whether aand DNDi began a Phase IIa clinical trial in Bolivia in 2016vaccine prevents full-blown TB disease, this trial will test

for combination therapy E1224 (Ravuconazole) and BZL

whether DAR-901 works earlier, preventing the initial TB(Benznidazole) for Chagas disease. Additionally, ourinfection.

pipeline’s most advanced project, a pediatric formulation of

09

12 6

Preclinical Candidates

Clinical Candidates

2

Proofs of Concept
Achieved
As of March 31, 2017

We have also funded innovative vaccine developmentof candidates and detailed Stage-Gate monitoring by our

projects for NTDs, such as dengue and leishmaniasis.

management team and domain experts offers support to

DIAGNOSTIC DEVELOPMENT
Our pipeline features three rapid, point-of-care

projects as they evolve. We accept only definitive
development milestones, and promptly retire research that
does not bear fruit. Importantly, while we apply a standard

diagnostics: two for malaria, and one for TB. Two projects,

private-sector orientation to the management of our funds,

led by Panasonic and Fujifilm, respectively, havethe return on investment we seek is human health, notsuccessfully completed the product design phase, and havefinancial profit. This approach, coupled with the tremendous

already began analyzing samples from such high-burden

efforts of our development partners around the world, has

countries as Georgia, Kenya, and Vietnam.

helped us built a vibrant and solid portfolio of potential
health interventions to fight against neglected diseases.

STRINGENT PROJECT MANAGEMENT

CO-FUNDING STRATEGY

GHIT’s investment approach is strict to ensure

GHIT requires a co-funding strategy for any

that its investment dollars realize their fullcandidate product that has demonstrated Proof

potential and accelerate the pace of innovation.

of Concept (Phase II), in order to amplify the

Because there is no time to lose, we selectively invest in

impact of our investment with contributions from otherproduct development over pure research. Our multi-tiered

funders. This ensures that our products are a part of theselection process emphasizes ensures quality over quantity

global product development portfolio.

GHIT is a really important innovation in and of itself.
It is a great example of a public-private partnershipthat was created to foster R&D.

Mark Dybul, MD
Former Executive Director
The Global Fund to Fight AIDS, Tuberculosis and Malaria

10ACCELERATING PARTNERSHIPSA DYNAMIC ECOSYSTEM OF COLLABORATION

Product Development Partners

Product Development Partners

RIKEN Center for Sustainable Resource Science,
Structural Genomics Consortium, University of Melbourne,
McGill University, Medicines for Malaria Venture (MMV),
and Drugs for Neglected Diseases initiative (DNDi)

Daiichi Sankyo Company, Limited
MMVIntervention
Anti-Parasitic Drug

Intervention
Malaria Drug

Target Research
Platform

Hit-to-Lead
Platform

Product Development
Platform

Target Research
Platform

Screening
Platform

Hit-to-Lead
Platform

Product Development
Platform

Novel drugs and mechanisms of action are urgently needed

A partnership between Daiichi Sankyo and MMV is

for malaria, Chagas disease, leishmaniasis, andworking to develop a medicine to prevent malaria infection,

cryptosporidiosis, which cause death and sickness

block transmission, combat drug resistance and, ideally,

throughout the developing world. There is a lack ofprevent relapses often suffered by people who have two

effective drugs to treat these diseases, and resistance todifferent types of malaria. Launched in June 2013, theexisting drugs is emerging. This unique partnership aims topartnership screened 50,000 compounds designed by

identify at least one potent bromodomain inhibitor that kills

Daiichi Sankyo, identifying several “hit” series that inhibit

each of these four parasites, focusing on an entirely novel

the malaria parasite. The partnership then tested theseclass of parasite proteins as drug targets. The projectcompounds in 2015 for their drug-like qualities, producing

integrates partners’ expertise in high-throughput screening,

two lead compounds, which they began pursuing in 2016.

parasite biology, structural biology, protein chemistry, andThis partnership is the first of GHIT’s investments tomolecular genetics. Partners will also use recent advances

progress across three of our research platforms, startingin CRISPR Cas9 targeted mutagenesis to modify malaria

from the Screening Platform and progressing to the Productparasites in response to structural binding and growth

Development Platform.

inhibition data.
11

Screening
Platform39 49 61
Japanese
Organizations

Non-Japanese
Organizations

Partnerships(Since 2013)

Product Development Partners

Product Development Partners

Eisai Co., Ltd.
Broad InstituteFujifilm Corporation
Foundation for Innovative New Diagnostics (FIND)Intervention
Malaria Drug

Intervention
TB Diagnostic

Target Research
Platform

Screening
Platform

Hit-to-Lead
Platform

Product Development
Platform

Target Research
Platform

Product Development
PlatformAmong the five malaria species that can infect humans,

Currently, no simple, rapid, and affordable point-of-care

Plasmodium falciparum is responsible for the most severe

TB test with sufficient performance is available on theform of human malaria, and it is becoming resistant tomarket. In a priority-setting exercise involving global

conventionally used antimalarial drugs. In 2014, GHIT

stakeholders including national TB programs, afacilitated a partnership between the Broad Institute andnon-sputum-based biomarker test was rated highest by all

Eisai & Co. Ltd. to optimize a series of novel leadstakeholder groups. In response, Fujifilm and FIND arecompounds with the goal of developing a drug withworking to develop a convenient, rapid, low-cost TB

properties that include rapid parasite clearance, activity

diagnosis test with high sensitivity and specificity inagainst drug-resistant strains, and prophylactic

HIV-positive patients. This high-risk represents a majortransmission-blocking activity. The study’s autumn 2016

step in systematic screening among high-risk groups andpublication in Nature* created an open, data-rich resource

would significantly decrease morbidity and mortality.

for the malaria research community, showcasing the utility

Fujifilm is responsible for developing, optimizing, andof a layered, chemical screen approach to drug discovery

manufacturing the assay prototype, as well as the provision

for infectious diseases.

of sufficient numbers of tests for independent evaluation.

*Kato, Nobutaka, et al. “Diversity-oriented synthesis yields novel multistage antimalarial
inhibitors,” Nature 538, 344–349 (20 October 2016)

FIND is responsible for project management, monitoring,and progress reporting.
12

ACCESSPRIORITIZEDMEDICINE IS INVALUABLE
WITH ACCESS,VALUELESS WITHOUT IT

A third of the world’s population lacks access to essential
medicines. Complex obstacles, including the price of
medicines, the limited capacity of public health systems, alack of political commitment to health improvement,international trade and patent disputes, and unsustainable
and unreliable financing are all barriers that complicate
access to necessary medicines. Drugs, vaccines, anddiagnostics are the foundation of nearly every public healthprogram aimed at reducing morbidity and mortality in thedeveloping world. For GHIT, investing in R&D also means
ongoing and strategic consideration of access and delivery.

DEFINE

policy mandates that product development partners set
prices for products on the basis of a no gain, no loss policythat can improve access to the product for patients.

Access is one of GHIT’s four founding principles and a core
part of all of our work. From the very early stages of

The ultimate accessibility of each product in our pipeline isinvesting in a potential product, we assess its

revisited regularly through our internal Biannual Portfolio“accessibility”, which is considered by our External

Review and discussed substantively by the Portfolio andReviewers and Selection Committee during the proposal

Launch Strategy Committee of the Board.

stage.
We work with experts in access and delivery to provide
Before we invest, we ensure that projects adhere to

critical R&D project management oversight, as well as

expert-approved Target Product Profiles (TPPs), aligningin-depth guidance for partnerships that have products inthe needs of end-users—many of whom subsist on less thanlate-stage development, as they prepare launch and rapid$1 per day—with the direction taken by the productmarket introduction strategies. We proactively integrate

development partners to meet them. TPPs identify desired

input from experts with critical scientific expertise andproduct attributes and clarify how proposed products will be

experience in commercialization; chemistry, manufacturing,

an improvement or preferred alternative to the tools

and controls; and product access strategies.

currently used or in the development pipeline.

DEDICATE

13

As we actively work with investees to ensure that access andaffordability are built into the R&D process, we also work

Our goals are to develop products that will be affordable

with other partners on health systems strengthening in theand appropriate for, as well as accessible to, the populations

very regions where GHIT-funded innovations are needed thewho need them. Toward those ends, GHIT’s firm accessmost.

Very importantly, GHIT ensures that when products are developed, they arevery quickly made accessible for people living in low-middle income countries,
as access plans, like registration, pricing, and IP arrangements, arepre-discussed with their partners.

Jayasree K. Iyer, PhD
Executive Director
Access to Medicine Foundation

DELIVER

become available, they can be effectively introduced andGHIT serves as the cornerstone for the Government ofscaled-up.

Japan’s strategy of linking the value chain of innovation,access, and delivery of health technologies. Specifically, we

In an effort to further strengthen the bonds between R&D,

work closely with UNDP’s Access & Delivery Partnership,

access, delivery, and health system strengthening, GHIT

which helps low- and middle-income countries address

will be strengthening its collaborations with global healthbottlenecks within their health systems so that GHIT-funded

entities, such as Japan’s Pharmaceutical and Medical

innovations can reach more people, faster.

Devices Agency (PMDA), Japan Agency for Medical
Research and Development (AMED), and Japan

Key foci for this partnership include working with local

International Cooperation Agency (JICA), as well as thegovernments to improve drug compliance, safety

Global Fund to Fight AIDS, Tuberculosis, and Malaria,

monitoring, supply chain management, and mass treatment

Gavi, WHO, UNICEF, and others.

administration, so that when new drugs and vaccines

DEDICATE

Well-defined TPPs help
ensure access to medicines forpatients most in need.

Our access policy and development guidelines
ensure that our investments prioritize access at
every stage of the R&D process.

ACCESS
DEFINE

DELIVERWe ensure effective strategies for
product delivery through partnerships.

14

ACCESS ON THE GROUND

GHIT’s Board of Directors and members of the GHIT’s
Council organizations convened in the dynamic life science
hub of Hyderabad, India, in October, where they
participated in site visits to local research institutions andclinics. They engaged with and learned from local residents
and clinicians, as well as India’s prominent health leadersfrom industry, research, and policy.
GHIT Board Vice Chair Prof. Peter Piot interviewed
K. Srinath Reddy, President of the Public Health Foundationof India and renowned global health leader, on global health
R&D progress and partnerships from the Indian perspective.
This conversation took place during an evening reception
with leaders from India’s life sciences and global healthcommunity.

15

I would redefine the acronym for public-private partnerships (PPP) as ‘partnerships for public
purpose.’ … I believe that PPPs are absolutely essential. Unless the genius and efficiency of the private
sector enterprise is coupled with the governmental values and wisdom in setting societal priorities,
we are not going to see the right products developed or delivered.

K. Srinath Reddy, MD, DM
President
Public Health Foundation of India

16

FINANCES***For Translation Purposes Only***

Independent Auditor’s Report
To the Board of Directors, Global Health Innovative Technology Fund:<Audit of the Financial Statements>
We have audited the accompanying financial statements, which comprise the balance sheet, the statement ofincome, the notes to the financial statements, and the related supplementary schedules of the Public Interest
Incorporated Association Global Health Innovative Technology Fund (“the Organization”) applicable to thefifth fiscal year from April 1, 2016, through March 31, 2017. We conducted our audit in accordance with therules and regulations concerning the Act on the Authorization, etc. of Public Interest Incorporated
Associations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the Financial Statements and the Related Supplementary Schedules
Directors need to ensure that the financial statements and related supplementary schedules were prepared andfairly presented in accordance with accounting principles generally accepted in Japan. Among others,
directors are responsible for designing and operating such internal control as directors determine is necessary
to enable the preparation and fair presentation of the financial statements and the related supplementaryschedules that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements and the related supplementaryschedules based on our audit. We conducted our audit in accordance with auditing standards generally
accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and the related supplementary schedules are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements and the related supplementary schedules. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement of the financial statements
and the related supplementary schedules, whether due to fraud or error. The purpose of an audit of thefinancial statements is not to express an opinion on the effectiveness of the Organization’s internal control,
but in making these risk assessments, the auditor considers internal controls relevant to the Organization’s
preparation and fair presentation of the financial statements in order to design audit procedures that areappropriate for the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by directors, as well as evaluating theoverall presentation of the financial statements and the related supplementary schedules.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
OpinionIn our opinion, the financial statements and the related supplementary schedules referred to above present
fairly, in all material respects, the financial position and results of operations of the Organization applicableto the fifth fiscal year ended March 31, 2017, in conformity with accounting principles generally accepted inJapan for Public Interest Incorporated Associations (similar to a 501(c)(3) in the United States).
<Opinion on the List of Assets and Liabilities>
We have audited the accompanying list of assets and liabilities for the fifth fiscal year of the Public Interest
Incorporated Association Global Health Innovative Technology Fund at March 31, 2017. We conducted our
audit in accordance with the rules and regulations concerning the Act on the Authorization, etc. of Public
Interest Incorporated Associations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the List of Assets and Liabilities
Directors need to ensure that the list of assets and liabilities was prepared and fairly presented in accordancewith accounting principles generally accepted in Japan and also in conformity with the public-interest
certification documents.

17***For Translation Purposes Only***

Auditor’s Responsibility
Our responsibility is to express an opinion on the said list of assets and liabilities which was prepared andfairly presented in accordance with auditing standards generally accepted in Japan and also in conformity
with the public-interest certification documents.
OpinionIn our opinion, the list of assets and liabilities referred to above present fairly, in all material respects, inaccordance with auditing standards generally accepted in Japan and also in conformity with the
public-interest certification documents.
<Conflicts of Interest>
We have no interest in the Organization which should be disclosed in compliance with the Certified Public
Accountants Act.

Ernst & Young ShinNihon LLC
May 2, 2017
End-of-Document

2016 Financial Summary (Audited)
ASSETS, LIABILITIES, AND NET ASSETS
Millions ofYenMillions of
U.S. Dollars

FUNDS RECEIVED

Millions ofYenMillions of
U.S. Dollars

Cash and Cash Equivalents
Fixed Assets¥ 367.1
2,262.2

$ 3.3
20.2

¥ 1,804.8$16.1

TOTAL ASSETS¥ 2,629.3$ 23.5Governments, NGOs,
Multilateral Organizations
Foundations
Corporations

921.7
841.2

8.2
7.5

TOTAL FUNDS RECEIVED¥ 3,567.7$ 31.8ASSETSLIABILITIES AND NET ASSETS

Millions ofYenMillions of
U.S. Dollars¥ 455.9$ 4.1

Total Liabilities
Net Assets

2,173.4

19.4

TOTAL LIABILITIES AND NET ASSETS¥ 2,629.3$ 23.5FUNDS RECEIVED
50.6% Governments, NGOs,
Multilateral Organizations
25.8% Foundations
23.6% Corporations

NET ASSETS VARIATION STATEMENT
Millions ofYenMillions of
U.S. Dollars

Governments, NGOs,
Multilateral Organizations
Foundations
Corporations¥ 1,804.8$16.1

1,132.1
391.9

10.1
3.5

54.2% Governments, NGOs,
Multilateral Organizations
34.0% Foundations

TOTAL ALLOCATED REVENUE¥ 3,328.8$ 29.7

11.8% Corporations

EXPENSES

Millions ofYenMillions of
U.S. Dollars

Program Services
Support Services¥ 3,309.5$29.5

TOTAL EXPENSES¥ 3,468.1

ALLOCATED REVENUECARRY-OVER FROM PRIOR YEAR

¥0

158.6

SOURCES OF
ALLOCATED REVENUE

$0

1.4

$30.9

EXPENSE ALLOCATION
95.4% Program Services
4.6% Support Services

The US dollar amounts in this section represent conversions from Japanese yen, solely for the reader’s convenience, at JPY 112.19 = USD 1, the approximate
exchange rate on March 31, 2017.
This financial summary is an excerpt from the GHIT Fund's audited financial statements, which are audited by Ernst & Young ShinNihon LLC. The GHIT Fundis a Pubic Interest Incorporated Association and is registered in Japan.
18

LEADERSHIPOur governance structure is designed to structurally transcend

development and delivery of products to patients. Companies

potential conflicts of interest that can arise when a company may

commit non-dilutive capital to the GHIT Fund but thenbe both a benefactor and a beneficiary of the Fund. The reason

relinquish all decision making for investments and portfolio

for this is simple: national institutes and universities are criticalmanagement to a Board and Management Team that excludes

research partners, but we need companies to champion theprivate-sector representation.

COUNCIL[Roles and Function] Appoint and dismiss members of the Council and Board/ Amend Articles of Incorporation/ Determine Board terms/ Serve as advocates for the Fund/Approve financial statements

Koichi Aiboshi

Naoko Yamamoto, MD, MPH, PhD

Trevor Mundel, MD, PhD

Stephen Caddick, PhD

Astellas Pharma Inc.

Chugai Pharmaceutical Co., Ltd.

Daiichi Sankyo Company, Limited

Eisai Co., Ltd.

Shionogi & Co., Ltd.

Director-General for Global Issues
Ministry of Foreign Affairs

Director, Innovations DivisionWellcome Trust

George Nakayama
Representative Director
President and CEO

Assistant Minister for Global Health
Ministerʼs Secretariat
Ministry of Health, Labour and Welfare

Yoshihiko Hatanaka
Representative Director
President and CEO

Haruo Naito
Representative Corporate Officer
and CEO

President, Global HealthBill & Melinda Gates Foundation

Osamu Nagayama
Representative Director
Chairman and CEO

Isao Teshirogi, PhD
President and CEO

Takeda Pharmaceutical
Company Limited
Christophe Weber
Representative Director
President and CEO

BOARD OF DIRECTORS[Roles and Function] Approve midterm strategies/ Approve annual plans and budget/ Appoint and dismiss Selection Committee members/ Approve selection criteria andpriorities for the Selection Committee/ Approve investment recommendations from the Selection Committee

Representative Director and Chair

Vice Chair

Executive Director

Adjunct Professor
National Graduate Institute for
Policy Studies & Chairman
Health and Global Policy Institute

Director and Professor of Global HealthLondon School of Hygiene and Tropical Medicine
Former Executive Director, UNAIDS

CEO
Global Health Innovative Technology Fund

Kiyoshi Kurokawa, MD

BT Slingsby, MD, PhD, MPH

MemberMemberMemberManaging Director
Biological E. Limited

Director, Global Health Policy DivisionInternational Cooperation Bureau
Ministry of Foreign Affairs

Former Executive Director, UNICEF
Former Secretary
United States Department of Agriculture

Mahima Datla

Eiji Hinoshita, MD, PhD

Ann M. Veneman, JD

MemberSupervisory Board Member

Supervisory Board Member

Director, Office of International
Cooperation, Ministry of Health
Labour and Welfare

Board Member
Health and Global Policy InstituteSenior Counselor, Morrison & Foerster
Former Senior Vice President
and General Counsel of the World Bank

Hiroyuki Yamaya

Hikaru Ishiguro, LLM

Ex-Officio Observer

Ex-Officio Observer

Senior Advisor, Life Sciences Partnerships
Bill & Melinda Gates Foundation

Head, Business Development, Innovations
Wellcome Trust

Kim C. Bush

19

Peter Piot, MD, PhD

Richard Seabrook, PhD, MBA

Ko-Yung Tung, JD

SELECTION COMMITTEE[Roles and Function] Review and evaluate investment proposals and progress reports from development partners/ Recommend provision of investments to the Board based on theirevaluations/ Ensure independence, accountability, and transparency of investment recommendations

Chair

MemberMemberProfessor Emeritus, The University of Tokyo
Professor and Dean, Nagasaki University School of
Tropical Medicine and Global HealthIndependent Vaccine Expert

Head, Seeding Drug Discovery FundBusiness Development, Innovations
Wellcome Trust

Kiyoshi Kita, PhD

Ralf Clemens, MD, PhD

Ann Mills-Duggan, PhD

MemberMemberMember

Deputy Director
Discovery & Translational Sciences
Bill & Melinda Gates Foundation

Project Professor, Nagoya City University
Visiting Lecturer, United Centers for Advanced
Research and Translational Medicine
Tohoku University Graduate School of Medicine

Chief Scientific Officer
Vela Diagnostics

Ken Duncan, PhD

Kouji Hattori, PhD

Gerd Michel, PhD

MemberMemberMemberProfessor, Division of Clinical Virology
Center for Infectious Diseases
Kobe University Graduate School of Medicine

Former Head, Infectious Diseases Research
Merck Research Labs, USA
Former Head, Research, MSD-Japan

Technical Officer, Malaria, other Vectorborne
and Parasitic Diseases Unit, Division ofCommunicable Diseases, World HealthOrganization Western Pacific Regional Office

Yasuko Mori, MD, PhD

Dennis Schmatz, PhD

Aya Yajima, MSc, PhD

ADVISORY PANEL[Roles and Function] Provide strategic advice to the Fund's Board Chair, CEO, and Management Team

MemberMemberMember

Minister of Health, Republic of Senegal
Former Executive Director
Roll Back Malaria Partnership

President, Gordon and Betty Moore Foundation
Former President
Institute of Medicine of the National Academies

Senior Director, Health Technologies
Pharmaceutical and Health Technologies GroupManagement Sciences for Health

Awa Marie Coll Seck, MD, PhD

Harvey V. Fineberg, MD, PhD

Dai Hozumi, MD, MSM, MPH

MemberMemberMemberTaro Takemi Professor
International Health Policy
Harvard School of Public HealthPresident and CEO
Cosmo Public Relations Corporation

Former Director, Department of
Neglected Tropical Diseases, WHO

Michael R. Reich, PhD

Kumi Sato

Lorenzo Savioli, MD, DTM&H, MSc

MemberPeter Singer, MD, MPH, FRCPCCEOGrand Challenges Canada

As of March 31, 201720

LEADERSHIP
EXTERNAL REVIEWERS
The work of the GHIT community could not progress without vital support from these experts and their institutions worldwide.

21

Richard Adegbola

Nisha Garg

Nancy Le Cam Bouveret

Judy Sakanari

Yukihiro Akeda

Birgitte Giersing

James LeDucAmi Shah Brown

Peter Andersen

Ann Ginsberg

John Mansfield

George Siber

Rip Ballou

Glenda Gray

Carol Marzetta

KJ Singh

Lewellys Barker

Brian Greenwood

Greg MatlashewskiPeter Smith

Clif Barry

Sanjay Gurunathan

James McCarthy

Lynn Soong

Marleen Boelaert

R. Kiplin Guy

Carl Mendel

Dan Stinchcomb

Maria Elena Bottazzi

Lee HallCharles Mgone

Nathalie Strub-Wourgaft

Walt Brandt

Yoshihisa Hashiguchi

Gerd Michel

Marcel Tanner

Tom Brewer

Chris HentschelToshiyuki Miura

Kaoru Terashima

David Brown

D. Gray Heppner

Melinda Moree

Katsushi Tokunaga

Nick Cammack

Toshihiro Horii

Kouichi Morita

Nadia Tornieporth

Simon Campbell

Sanjay Jain

Charles Mowbray

Bruno Travi

Eric Chatelain

Takushi KanekoPeter Myler

Takafumi Tsuboi

Robert Chen

Niranjan Kanesa-thasan

Christian Ockenhouse

Moriya Tsuji

Simon Croft

Shigeyuki Kano

Giuseppe Pantaleo

Mickey Urdea

Peter Dailey

Subhash Kapre

David Persing

Stephen WardThomas Dick

Paul Kaye

Meg Phillips

Timothy Wells

Carter Diggs

Naoto Keicho

Punnee Pitisuttithum

Bruce Weniger

Boro Dropulic

David Kelso

David Pompliano

John Westwick

Filip Dubovsky

Kent Kester

Regina Rabinovich

Judith Wilber

Hiroyoshi Endo

Akinori Kimura

Rino Rappuoli

Elizabeth Winzeler

Alan Fairlamb

Sue Kinn

Zarifah Reed

Michael Witty

Hermann Feldmeier

Harajeshwar Kohli

Rebecca Richards Kortum

Paul Wyatt

JoAnne Flynn

Somei Kojima

Paul Roepe

Donato Zipeto

Michael Free

Hidehito Kotani

Polly Roy

Takashi Fujitsu

Sanjeev Krishna

Peter Ruminski

Tamio Fujiwara

Michael Kurilla

Philip Russell

PARTNERS
Full Partners

Associate Partners

Affiliate Partners

Sponsors

22

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