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Mission-Oriented Public-Private Partnerships:  Lessons from the Oxford-AstraZeneca COVID-19 vaccine | UCL Institute for Innovation and Public Purpose (IIPP) Working Paper (WP 2025-18)

Authors:

  • Mariana Mazzucato | Professor in the Economics of Innovation and Public Value, University College London and Founding Director of the UCL Institute for Innovation and Public Purpose
  • Tom Stratton | Chief of Staff, Royal Society for the Arts, Manufactures and Commerce (RSA)
  • Sion Williams-Eliyesil | PhD Candidate, UCL Institute for Innovation and Public Purpose
     

Abstract:

This paper investigates the role of conditionalities in modern industrial strategy, with a focus on lessons learned from the public-private partnership that led to the rapid development and deployment of the Oxford-AstraZeneca COVID-19 vaccine, commonly referred to as Vaxzevria. The research draws on Mazzucato (2022) and Mazzucato and Rodrik’s (2023) taxonomy of conditionalities to analyse the effectiveness and replicability of these mechanisms in driving public value in innovation collaborations. The findings indicate that the success of conditionalities in the Vaxzevria case was significantly influenced by the unique context of the COVID-19 pandemic, the longevity and scale of state investment in life sciences, and the relational dynamics between public and private sector actors. The results of the analysis highlight that while these conditions were, to some extent, unique, the success of Vaxzevria’s development and distribution provides insights into the mechanisms for implementing conditionalities in a broader range of contexts. The paper also identifies elements that can be incorporated into the policy toolkit for industrial policies with conditionalities.

Reference:

This working paper can be referenced as follows: Mazzucato, M., Stratton, T., and Williams-Eliyesil, S. (2025). Mission-Oriented Public-Private Partnerships: Lessons from the Oxford-AstraZeneca COVID-19 vaccine. UCL Institute for Innovation and Public Purpose, Working Paper Series (IIPP WP 2025-18). ISSN 2635-0122

Available at: https://www.ucl.ac.uk/bartlett/publications/2025/sep/mission-oriented-public-private-partnerships-lessons-oxford-astrazeneca-covid-19-vaccine

This working paper is part of the UCL Institute for Innovation and Public Purpose’s (UCL IIPP) publication series.

Explore more working papers and policy reports here.