The BBC has reported that Prime Minister David Cameron has commissioned a review into why no new classes of antibiotics have been developed for more than 25 years.
A team of experts, headed by former Goldman Sachs economist Jim O'Neill, will analyse three key issues — the increase in drug-resistant strains of bacteria; the "market failure" of producing new antibiotics; and the global over-use of antibiotics — and is expected to report its findings in spring next year.
Highlighting the urgency of the situation, Mr Cameron said: "If we fail to act, we are looking at an almost unthinkable scenario where antibiotics no longer work and we are cast back into the dark ages of medicine where treatable infections and injuries will kill once again."
Commenting on the appointment of Mr O'Neill, who is not an expert on antibiotics or microbes, Mr Cameron explained to the BBC why it was important to have an economist leading the review: "There is a market failure; the pharmaceutical industry hasn't been developing new classes of antibiotics, so we need to create incentives."
Jeremy Farr, director of the Wellcome Trust added:"This is not just a scientific and medical challenge, but an economic and social one too, which would require analysis of regulatory systems and behavioural changes to solve them."
The review panel's proposals will be discussed (hopefully) at next year's G7 summit in Germany.