You are here: Home » Current Affairs » Coronavirus » News
Business Standard

Vaccine alliance raises $2 billion to buy Covid-19 shots for poor nations

Berkley said $3 billion was still needed for diagnostics and $6.1 billion for therapeutics by the end of 2021

Coronavirus Vaccine | Vaccine | World Health Organization

Reuters  |  LONDON/GENEVA 

Covid-19 coronavirus
Pfizer and its partner BioNTech expressed an interest in supplying doses to the COVAX facility

By Kate Kelland and Stephanie Nebehay

LONDON/GENEVA (Reuters) - A facility set up by the (WHO) and the GAVI group has exceeded an interim target of raising more than $2 billion to buy and distribute COVID-19 shots for poorer countries, but said it still needs more.

The GAVI alliance said on Friday that the funds for an advance market commitment (AMC) will allow the COVAX facility to buy an initial one billion doses for 92 eligible countries which would not otherwise be able to afford them.

"We've seen sovereign and private donors from across the world dig deep and help meet this target," GAVI chief Seth Berkley told reporters, adding that there was an "urgent need" to also finance treatments and diagnostics.

Berkley said $3 billion was still needed for diagnostics and $6.1 billion for therapeutics by the end of 2021.

Another $5 billion will also be needed in 2021 to procure COVID-19 doses as they come through development and are approved by regulators, GAVI said in a statement.

U.S. drugmaker Pfizer and its partner BioNTech, who this week said their experimental COVID-19 vaccine was 90% effective in initial trials, had expressed an interest in supplying doses to the COVAX facility, Berkley said.

"We continue to advance negotiations with a number of manufacturers in addition to those we've already announced who share our vision of fair and equitable distribution of vaccines," he added.


(Corrects date to 2021, paragraph 4)


(Reporting by Kate Kelland and Stephanie Nebehay, Editing by Alexander Smith)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 13 2020. 17:35 IST