A Public Health Emergency of International Concern (PHEIC) is defined by the WHO as a serious, sudden, unusual, or unexpected event that poses a health risk to other countries through disease spread and may require an international response. If the WHO declares a new PHEIC before January 1, 2025, the market resolves to Yes. The last PHEIC was declared on July 24, 2022, for the rapidly spreading monkeypox outbreak.