Time Consistency and the Development of Vaccines to Treat HIV/AIDS in Africa

AIDS is perceived to represent an unprecedented medical, political and economic challenge to African and world leaders. This paper examines the economics of pricing and supplying drugs and vaccines in the context of AIDS and HIV. It addresses the time consistency and other economic issues associated with patented drugs and research into vaccines for diseases that are mainly prevalent in poor countries. The paper examines the financial implications of treating HIV/AIDS with the medical procedures currently used to treat patients in industrialised countries. The paper concludes first that the time consistency problem is not the main obstacle preventing research into developing an HIV vaccine and thus addressing AIDS in Africa. Second, it is impracticable, at present, to mobilise adequate financial and conventional medical resources to address the perceived HIV/AIDS problem in Africa. Third, the most practical and appropriate health policy to tackle the African problem is by health education.