Implementing innovative financing mechanisms in global health – perspectives of stakeholders from global health organisations: a qualitative study

Background: The COVID-19 pandemic and recent geopolitical shifts have strained traditional funding for global health, increasing the interest in innovative financing mechanisms. We explore how international organisations perceive and implement these mechanisms as complements to traditional funding. Methods: In this qualitative study, we conducted semi-structured interviews with eleven senior experts from major global health organisations, gathered via purposive and snowball sampling between May and July 2024. We analysed data using systematic coding and thematic analysis, with trustworthiness enhanced through member checking and peer debriefing. Results: Participants revealed that innovative financing mechanisms are not replacements, but strategic complements to traditional aid. We identified three primary patterns in our data: an evolution from direct funding to complex, multi-stakeholder risk-sharing arrangements; a fundamental transformation of stakeholder relationships, increasing coordination complexity; and the critical role of institutional capacity in successful implementation. Analysis of five innovative financing mechanisms, namely Advanced Market Commitments, Blended Finance, the International Finance Facility for Immunization (IFFIm), Debt2Health, and Micro-levies, demonstrated distinct patterns in complexity, coordination, and risk distribution across said mechanisms. The success of the implementation depended on clear problem definition, stakeholder alignment, and robust risk management. Blended Finance and IFFIm showed the highest complexity, while Debt2Health offered a more streamlined, triangular model. Conclusions: The effectiveness of innovative financing mechanisms is heavily dependent on existing institutional frameworks and local context. They represent an evolution in health financing, offering tools for resource mobilisation and efficiency, but their success hinges on careful attention to implementation context, stakeholder coordination, and institutional capacity. Policymakers should focus on matching mechanisms to specific contexts and building coordination capabilities alongside technical innovation.