World's Largest Vaccine Manufacturer Wants to Cap Coronavirus Vaccine Price at $3

The third phase of the clinical trials of any vaccine candidate tests its effectiveness in thousands of participants

The SEC had said that SII which has an agreement to make a billion doses of this vaccine for low- and middle-income countries, needed to have a "pan-India" representation of participants receiving the vaccine during the testing process. The SII has received exclusive rights to supply the vaccine candidates in India that are being developed by the University of Oxford and AstraZeneca and the US drug manufacturer Novavax.

Gavi, SII and Gates Foundation provide support to ACT Accelerator's vaccines pillar, also known as "COVAX", which works on accelerating the development of COVID-19 vaccines and ensuring rapid, global access to them.

Adar Poonawalla, CEO, SII said the association would help ramp up the efforts to save the lives of millions of people from this terrible disease.

It co-leads COVAX - a scheme created to guarantee fast and equitable access globally to COVID-19 vaccines - along with the World Health Organization and the Coalition for Epidemic Preparedness Innovations (CEPI). Serum Institute has a long history of partnerships with Gavi and pharmaceutical companies to manufacture vaccines that protect against meningitis, severe diarrhoea, pneumonia and measles, the statement said.

Initial results from the first two phases of trials of the coronavirus vaccine conducted at five trial sites in the United Kingdom showed the inoculation had an acceptable safety profile. SII now has two vaccine manufacturing deals.

The agreement between the organizations is aimed at fast-tracking the mass-production of candidate vaccines developed by UK's Oxford University-AstraZeneca and America's Novavax.

SII has exclusive rights for the Covid-19 vaccine for India and non-exclusive rights during the pandemic period in all countries excluding upper-middle/high-income countries. "We are very happy to see SII enter this global partnership to respond to the global health crisis posed by Covid-19".

Dr. Renu Swarup, Secretary, Department of Biotechnology, Government of India, shared, "India has a proven track record of manufacturing safe and cost-effective vaccines not only for India, but for the world".

In a similar vein, Indian Council of Medical Research Director General Balram Bhargava said: "ICMR is deeply supportive of our cutting edge vaccine research and manufacturing prowess, of which SII is one prominent example". However, only a few companies' vaccine candidates have shown successful results, including the Oxford vaccine, Moderna, and Pfizer.

The Gavi COVAX AMC, which is now seeking at least $2 billion in initial seed funding, will meet at least part of the cost of procurement for the vaccine doses.

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