The coronavirus pandemic is far from over even as companies tout milestones in the development of much-needed vaccines. Bill Gates believes a vaccine will not be available before the end of the year for use in America.
Coronavirus Vaccine Stalemate
According to the billionaire philanthropist, none of the vaccines is ready or likely to seek regulatory approval in the U.S. The earliest that people should expect a vaccine is early next year should things go well.
The sentiments come on the heels of Pfizer CEO Albert Bourla, reiterating that one of their three coronavirus vaccines is in the late stage of development. While it could be distributed before the end of the year. The same is dependent on it being found to be safe and effective. Moderna and AstraZeneca are the other drug makers believed to be in the late stages of testing.
Even as the U.S lags on the development and approval of a coronavirus vaccine, some countries claim to have made important milestones. Russia and China have already approved the emergency use of their vaccines, although they have been met with lots of skepticism from Western medical professionals.
COVID-19 Vaccine Need
A safe and effective coronavirus vaccine is highly needed to avert the shocks triggered by the pandemic. The global economy has already plunged into recession as key sectors of the economy struggle to bounce back to pre-corona levels.
The World Bank has already warned that poverty rates are poised to edge higher as the global economy continues to fall. The number of people leaving on less than $2 is on the rise, with 37 million people believed to be in extreme poverty. Unlike in the past, the downturn is not limited to poor countries. For instance, one in three Americans is in trouble paying bills.
In addition, the COVID-19 pandemic erased 25 years of progress in vaccines in 25 weeks. More and more people have been going without key lifesaving vaccines. The result is the potential spread of dangerous diseases.