Firms Around The World Race To Launch Covid-19 Vaccine
With Covid-19 continuing to claim precious lives around the world, some countries such as the US, Brazil, Indian and Indonesia are banking their hopes on vaccines to keep their people safe from the virus. Currently, a few vaccines have shown promising clinical trial results, with a lot others still under clinical development. With guidance from econs tutor Singapore in econs tuition Singapore, discuss the economic implications of Covid-19 vaccines.
Vaccines In Late-trial Stage
The US pharmaceutical giant Pfizer and its German partner BioNTech are ahead of their competitors in vaccine development. On 9 November 2020, it announced a 90 per cent efficacy rate for its vaccine and thereafter, a 95 per cent efficacy rate after release of full set of clinical trial results on 18 November 2020. The price per dose is at a very affordable level of US$20. However, the vaccine requires an extra low temperature of -70 degree Celsius for shipment and storage, which can present a major logistical challenge and significantly increase the distribution cost. In discussion with your econs tutor Singapore in your econs tuition Singapore class, explain the first-mover advantages for Pfizer. To learn the definition of first-mover advantage, you may sign up for econs tuition Singapore with a reputable econs tutor Singapore.
Moderna, another US pharmaceutical firm reported a 94.5 per cent efficacy rate for its vaccine on 16 November 2020. The price is slightly higher at US$25-US$37 per dose. However, it can be stored in a -20 degree Celsius environment for up to six months. AstraZeneca, together with Oxford University ranked third in the vaccine race, reporting a varying efficacy rate of 62 per cent to 90 per cent for its vaccine depending on the doses. The price, however, is most affordable at only US$4 per dose. You may consult your econs tutor Singapore in econs tuition Singapore about the various factors determining the demand and supply of a vaccine. Edmund Quek is a well sought-after econs tutor. His econs tuition centre, Economics Cafe Learning Centre is conveniently located within five minutes’ walk from the Bishan MRT Station.
Game Changer, But Not Silver Bullet
As of 28 November 2020, the Covid-19 pandemic has claimed 1.4 million lives globally, infecting over 61 million. If all goes well, it will probably take another year or two before we have sufficient supply of vaccines for everyone in the world. Before that, supply will be limited and hence only made available to certain groups of people. Anticipating this, the Singapore government has set up a 14-member committee to decide on the priorities. It is our common understanding that priority should be given to frontline healthcare workers, as well as senior or vulnerable people who are subject to higher risk. You may approach your econs tutor Singapore in your econs tuition Singapore class for an analysis about the importance of government intervention in Covid-19 vaccine distribution.
The urgency of the Covid-19 pandemic has prompted many companies and research teams to invest a large amount of financial resources to speed up development of vaccines. As a result, we have seen a few hopeful candidates with an acceptable efficacy rate and safety standard. Same as other vaccines, Covid-19 vaccine will have its side effects, in particular, pain at the injection site and fever, among others. However, experts have given assurance that most of these side effects can be picked up during the trial stage when the vaccine is applied to a substantially large group of people. Having said this, it is possible for some very rare side effects to surface only after massive application of the vaccine.
Linda Geng
Economics Tuition Singapore @ Economics Cafe
Principal Economics Tutor: Mr. Edmund Quek