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The COVAX initiative, which aimed to provide equitable global access to COVID-19 vaccines, will close on December 31, 2023, after delivering nearly 2 billion vaccine doses to 146 economies. COVAX's efforts have helped lower-income economies achieve a two-dose coverage of 57%, compared to the global average of 67%, and averted an estimated 2.7 million deaths. While COVAX will close, low- and lower-middle-income economies will continue to receive COVID-19 vaccines and support from Gavi, the Vaccine Alliance. Lessons learned from COVAX's challenges and successes highlight the need for better global pandemic preparedness and response in the future, including equitable access, diversifying vaccine manufacturing, and addressing financial risks.