Vaccines are perceived as key to ending the restraints on work and life that have decimated the global economy, and returning to some sense of normalcy.
The gradual relaxation of coronavirus restrictions is stoking hopes for an economic rebound, with the biotechnology industry riding a wave of expectations in the hunt for an effective COVID-19 treatment.
For now, the furthest along are Moderna and Pfizer , both of which are using messenger RNA technology— a newer technology that doesn’t exist in the current drug market. Both have entered human clinical trials. Abroad, all eyes are on China’s CanSino, and a project underway at Oxford University in the U.K.
The expectations have placed an unprecedented demand on a “pandemic market” that could eventually be valued anywhere between $10 to $30 billion, analysts at Morgan Stanley said last week. But an effective treatment is unlikely until the first half of 2021 at the earliest, with many health experts cautioning that aggressive development timelines are “aspirational” at best.
Story continuesGlobal collaborations through the WHO, and a concerted effort in the European Union are also at play. WHO officials also recently said they are working with both the public and private sector in India, which has a massive capacity for vaccine production, to produce the vaccines for the world.
Separately, Pfizer has partnered with German biotech BioNTech to develop its own vaccine, pivoting from their work together on a flu treatment.
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