This year is about to end but the COVID-19 vaccine is still not here. Pfizer, one of the leading pharma companies working in developing the COVID-19 vaccine still hopes that it may get successful to introduce it by the end of this year. It has also reported a low margin on the profit considering the severity of this healthcare crisis.
Albert Bourla, the CEO of Pfizer says that the company can provide nearly 40 million vaccine doses in the US by the end of 2020 if everything goes as per plan and the vaccine gets approval.
He said the company will be ready to launch and distribute the first batch of nearly 40million doses. He also mentioned the contract between Pfizer and the US government to supply 1000 million COVID-19 doses till March 2021. However, he also said that the company has not been successful to achieve the target for evaluating coronavirus efficiency.
In case the vaccine is here, the company will be expecting vaccine authorization in an emergency. The time period to file for this emergency authorization is expected by the end of November.
On answering if he is sure about the effectiveness of this vaccine, he said that he is confident and optimistic that this new vaccine will help.
The company has declared to reduce its margin on the sale of these vaccines. Pfizer said that it will reduce its margin by 71% which makes only $2.2 billion. It also estimated to generate a revenue of $500 million from the COVID-19 caused by the low requirement and demand of pharmaceuticals in China and reduced hospital visits within the United States.
This year, Pfizer has experienced a nearly 11% reduction in its revenue generated from hospital visits and the low overall market. The major reason behind this decrease is the reduction in scheduled surgeries and hospitalization due to problems other than COVID-19.
This statement has been released after the questions on the growing demand for COVID-19 vaccines. The public awareness campaigns regarding disease safety are on rising which shows a positive change.
In addition to COVID-19 vaccine demand, health experts also urge people not to stop following the precautionary measures issued by the CDC. Although the lockdown has been lifted it doesn’t mean that the risk of coronavirus has ended.
This risk is still there, and whether or not people like to wear facemasks or maintain social distancing, it is going to be a problem unless treatment or vaccine is introduced.
Many pharma companies are trying to develop and introduce a COVID-19 vaccine. Russia has already launched its version of the vaccine a few weeks ago which is not evaluated for long-term safety.
While the risk of coronavirus still persists, health experts urge people not to miss their annual flu vaccines. As new coronavirus cases are rising on daily basis, any common disease such as flu may increase the risk of coronavirus-related complications and require hospitalization.