This money has not been "wasted." Period.
Overall the posted article was poorly written and conflated a lot of issues. Global Health is complected and the article didn't do any favors to understanding things (especially not having any links!). I don't really have a lot of time now to get into it. Money spent on Global Health is an excellent investment in the future, not to mention a humanitarian need in many cases. Honestly I don't know where to begin on this...
Let me put it this way, in terms of global health, President Bush is the man. That's right, this "crazy lefty" thinks Bush did a GREAT job (in terms of Global Health). There's a reason why they LOVE HIM in Africa. Google PEPFAR http://www.pepfar.gov/ and look at this: http://www.theglobalfund.org/en/
BUSH SAVED MILLIONS OF LIVES. MILLIONS! Has money been spent inappropriately? Yeah. Could more be done? Yeah. Can money be better spent? Always. But things have gotten a hell of a lot better in the last ten years. Money is now being spent a hell of a lot better. Should you be proud of what America has done in these terms in the last 8yrs or so? Hell yeah.
There's a lot more to do, but PEPFAR and "the Fund" in particular are some amazing programs with support from just about everyone.
Here are some of the Lancet articles mentioned in the article posted above. You have to log in, but it's free and I encourage you all to do so.
(sorry if this post is a bit rambly, I had a good happy hour today...it is friday after all).