AstraZeneca Vaccine and its Impact on the Global Economy

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global economy

This year is coming to an end and millions of people would like to forget all challenges associated with 2020. Hopefully, public and private organizations are working hard to cope with the coronavirus pandemic. It is no secret that pandemic created a lot of problems for the global economy.

This week, the United Kingdom became the first country to approve developed by Oxford University and AstraZeneca. It is worth mentioning that, the shot is cheaper and easier to distribute than alternatives and is expected to play a crucial role in boosting the global economy in 2021.

Based on the information provided by AstraZeneca, the process of vaccination will begin early in the New Year. As a reminder, the rollout comes amid a dramatic surge in coronavirus cases in the U.K.

People should take into account that, AstraZeneca promised to supply hundreds of millions of doses to low- and middle-income families as well as to deliver the vaccine on a not-for-profit basis to those nations in perpetuity.

Global economy and coronavirus pandemic

As mentioned earlier, the vaccine produced by AstraZeneca has the potential to boost the global economy. Interestingly, this vaccine is significantly cheaper than the vaccines produced by other companies. This is not the end of the story, as it is far earlier to transport and distribute than its rivals. As a reminder, unlike the vaccines developed by Moderna and Pfizer, the AstraZeneca offering does not need to be stored at super-cold temperatures.

Moreover, they are making a lot of doses. According to AstraZeneca, it is working with partners including the Serum Institute of India, to build a manufacturing capacity of up to 3 billion doses in 2021 on a rolling basis.

For instance, Pfizer expects to produce as many as 50 million vaccine doses in 2020. The company expects to produce up to 1.3 billion doses in 2021. Interestingly, Moderna said last month that it is on track to manufacture 500 million to 1 billion doses next year.

It is worth mentioning that, the world’s richest countries already reserved much of the capacity offered by Moderna and Pfizer. As a result, that makes the AstraZeneca vaccine even more important to developing countries. In the case of India, it will be easier to produce a lot of doses. As a reminder, India is one of the world’s largest vaccine manufacturers.

Last but not least, the example of AstraZeneca once more highlights the importance of social responsibility.

 

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