The world is weary of the coronavirus pandemic which has killed over a million people and decimated economies globally. With a second wave of infections and many countries slipping back into a lockdown, the news of a potentially effective vaccine has been welcomed and raised optimism.
Pharmaceutical giant Pfizer said that its experimental COVID-19 vaccine is more than 90% effective based on initial trials after large scale clinical tests. This is being hailed as a watershed moment that could turn the tide against the pandemic. Global stocks rallied over the news but it is too early to celebrate as it has yet to pass full trial results and receive regulatory approval.
The vaccine is not expected to roll out until next year but the company is seeking emergency authorisation in US by December. If granted, the company estimates to produce 50 million doses this year and 1.2 billion in 2021. There are still many questions on the effectiveness of the vaccine and how long the immunity will last. This also does not change the fact that we still have to deal with the pandemic and continue to enforce safety precautions.
The WHO called the results very positive but warned there was a funding gap of $4.5 billion that could slow down access to tests, medicines and vaccines in developing countries. Pfizer’s vaccine requires a ‘cold chain’ supply to maintain an extreme temperature of -80 degrees Celsius. This is not suitable for developing countries such as Pakistan which do not have the required facilities. The cost of the vaccine, though not determined, will be high and that two doses are required has dampened hopes despite the positive results.
Vaccine nationalism is also high at this moment as more than twelve different vaccines are currently under production. Just after Pfizer’s announcement, the Russian health ministry stated its vaccine Sputnik V, which was hailed as the first COVID-19 vaccine despite skipping clinical tests, was also 90% effective. The Chinese are making their efforts which are showing mixed results in many countries including Pakistan.
As the world still scrambles for an antidote to the vaccine, we must remember that the pandemic isn’t over and the situation could worsen. Due to global inequalities, the developed world will be first to benefit from any coronavirus vaccine. Global coordinated efforts are required so that we can defeat the pandemic and return to our normal lives.
