A U.K. government-appointed review team into the issue of antibiotic resistance, headed by economist Jim O'Neill, has urged the global pharmaceutical industry to fund a $2 billion innovation fund to kick-start research into new antibiotics. O'Neill argues that without the fund, the incentive for major pharmaceuticals to develop new antibiotics is not there. This is due to the low return-on-investment and too great a focus on short-term profit-and-loss. The issue of "who pays for new antibiotics?" was recently posed by Magnus Steigedal, director of the Norwegian University of Science and Technology's (NTNU) Strategic Research Area on Health, who came to a similar conclusion that the world cannot wait around for big pharma alone.