When the whole world is counting only on the development of a vaccine to cure the deadly coronavirus, do you ever wonder how much money is spent on developing a vaccine?
The cost of developing a vaccine involves a lot of aspects. Developing it for sure is a challenge but what adds to its difficulty is the distribution of it across the world over a short span of time.
The Coalition for Epidemic Preparedness Innovations, a foundation that is financing nine different vaccine projects, estimates it will cost nearly $2 billion to develop a vaccine.
Some experts say that with the way the virus is spreading so rapidly across the globe, we may even need more than one vaccine to return to normalcy.
A global effort led by the European Commission has decided to give $8 billion towards research, manufacturing and distribution of a possible vaccine against Covid-19. This is supposed to help “kick-start unprecedented global cooperation."
How India also comes into the picture is that it is called the powerhouse of vaccine manufacturing. It produces 60 percent of the world’s vaccines and also contributes to 60-80 percent of the United Nations’ annual vaccine procurement.
A number of Indian companies have also helped over the years to produce and distribute vaccines to the world. Another reason why it could help is due to the low cost in which India can produce the vaccines.
Due to its mass availability, India will be able to sell the vaccines at a low price across the globe. So India remains a hope for many regarding the development of a vaccine to combat Covid-19.