Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bill Gates sees 6-8 month lag for poor countries to get COVID-19 shots

Published 01/27/2021, 03:18 AM
Updated 01/27/2021, 03:20 AM
© Reuters. FILE PHOTO: Bill Gates, Co-Chair of Bill & Melinda Gates Foundation, attends the World Economic Forum (WEF) annual meeting in Davos

By Kate Kelland

LONDON (Reuters) - Poorer countries face a best-case scenario of a 6-8 month lag behind richer nations in getting access to COVID-19 vaccines to protect their populations against the pandemic disease, the philanthropist Bill Gates said on Wednesday.

In an interview with Reuters, Gates called the rollout of the first COVID-19 shots a "super hard allocation problem" that was putting pressure on global institutions, governments and drugmakers.

"Every politician is under pressure to go bid for their country to get further up in line," Gates said.

The Bill and Melinda Gates Foundation has so far committed some $1.75 billion to the global response to the COVID-19 pandemic, including via funds for the COVAX vaccine-sharing initiative co-led by the World Health Organization, and via direct support for some vaccine makers.

COVAX, co-led by the GAVI vaccines alliance, says it aims to deliver 2.3. billion COVID-19 doses by year-end, including 1.8 billion doses to poorer countries at no cost to their governments. It hopes to start some deliveries next month.

Gates said supplies of vaccines via COVAX would be "modest" at first.

"The total number of doses that GAVI (and COVAX) will have in the first half of the year is still very modest. Yes, they will get some doses out, but if you compare when they will reach the same percentage of coverage as the rich countries - that's where I'd say it's six to eight months, best case," he said.

Seth Berkley, CEO of GAVI and a co-lead of COVAX, warned on Tuesday of "a sense of vaccine panic" with many countries pursuing biliateral deals with drugmakers to secure limited supplies and some threatening legal action against drugmakers who have said supplies could be delayed.

"ZERO-SUM"

Gates said such pressure was unhelpful, noting that pharmaceutical companies such as Pfizer (NYSE:PFE), BionTech, AstraZeneca (NASDAQ:AZN) and Moderna (NASDAQ:MRNA) all developed COVID-19 vaccines in less than a year.

"If you're a pharma company that didn't make a vaccine, you're not under pressure. But the ones who did make the vaccine - they are the ones being attacked," he said. "It's all very zero-sum."

"It's the classic situation in global health, where the advocates all of a sudden want it for zero dollars and right away. And I feel like these pharma companies that jumped in, well... they're the reason we can see the end of the epidemic coming."

Gates, who also on Wednesday published his foundation's annual letter outlining its priorities and predictions, said he believed people living in wealthier countries would see the pandemic end, with a return to more normal life, by the end of this year - assuming vaccines could be rolled out to around 70% to 80% of their populations.

He also pointed to some "silver linings" from the pandemic, including vastly accelerated development of the mRNA vaccine technology used in the Pfizer-BioNtech and Moderna COVID shots.

In the next five to 10 years, Gates said, mRNA vaccines will become faster and cheaper to develop, easier to scale, and more stable to store, opening the possibility of developing future vaccines against diseases such as HIV and malaria

© Reuters. FILE PHOTO: Bill Gates, Co-Chair of Bill & Melinda Gates Foundation, attends the World Economic Forum (WEF) annual meeting in Davos

"It brings new hope for the missing vaccines - that we could get those more quickly," he said.

Latest comments

Covax is the drive to provide all tha bad vaccines, thoose who could no longer be sold in a normal market. I can't solve the problem and the result of using bad vaccines are unknown on the virus. Can generate more mutations...
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.