Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Asian countries scramble for vaccine supplies after India export curbs

Published 03/30/2021, 02:44 AM
Updated 03/30/2021, 02:50 AM
© Reuters. FILE PHOTO: Workers offload the AstraZeneca/Oxford vaccines under the COVAX scheme against COVID-19 at the Aden Abdulle Osman Airport in Mogadishu

By Sangmi Cha and Neil Jerome Morales

SEOUL/MANILA (Reuters) - Several Asian countries scrambled to find alternative sources for COVID-19 inoculations on Tuesday after export restrictions by manufacturer India left a World Health Organization-backed global vaccine sharing programme short of supplies.

South Korea, Indonesia and the Philippines are among countries to be hit by shipment delays to vaccines they have been promised under the COVAX programme, which was created mainly to ensure supplies for poorer countries.

"Our planned increase in daily vaccinations will be affected," Carlito Galvez, Philippines' vaccination chief, told reporters.

India, the world's biggest vaccine maker, put a temporary hold on exports of AstraZeneca (NASDAQ:AZN)'s vaccine being manufactured by the Serum Institute of India (SII), as officials focus on meeting rising domestic demand.

The Serum Insitute was due to deliver 90 million vaccine doses to COVAX over March and April and, while it was not immediately clear how many would be diverted for domestic use, programme facilitators warned that shipment delays were inevitable.

South Korea confirmed it would only receive 432,000 doses of the 690,000 it had been promised and delivery of those would be delayed until around the third week of April.

"There's uncertainty over global vaccine supplies but we're working on a plan to ensure no disruptions in the second quarter and making efforts to secure more vaccines," Kim Ki-nam, head of South Korea's COVID-19 vaccination task force team. Officials said they were in talks with AstraZeneca to accelerate shipments procured through a separate deal.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Philippines President Rodrigo Duterte loosened government restrictions on private sector imports of vaccines, pleading with companies to obtain supplies no matter the cost, as his country battles a resurgence of the pandemic.

In Vietnam, officials have similarly asked the private sector to step in after their COVAX supplies were slashed by 40% to 811,200 doses and shipments were pushed back by weeks.

In Indonesia, health ministry official Siti Nadia Tarmizi told Reuters that 10.3 million doses from COVAX were likely delayed until May.

India has not provided details on the length of its export curb but UNICEF, a distributing partner of COVAX, said at the weekend that deliveries are expected to resume by May.

India's decision is the latest in a series of setbacks for the COVAX facility, relied on by 64 poorer countries, after production glitches and a lack of funding contribution from wealthy nations.

CHINA AND RUSSIA

China and Russia are primed to step into the breach.

"We have good diplomatic relations with China and Russia and we are asking if we can have access to their vaccines in April," the Philippines' Galvez said.

Both the Philippines and Indonesia are currently relying heavily on vaccines from China's Sinovac Biotech to run their inoculation drives. The Philippines and Vietnam have both approved Russia's Sputnik V vaccine, along with more than 50 other countries, mainly developing nations. The Philippines expects to receive its first batch of Sputnik V in April.

Chinese vaccine maker Sinopharm, meanwhile, plans to produce its COVID-19 vaccine at a new plant in the United Arab Emirates.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The spate of export curbs is also being felt by wealthier countries that are reliant on foreign manufacturing, including Japan, where the national vaccine rollout has been slow due to the limited number of Pfizer (NYSE:PFE) vaccines shipped from Europe.

"Some people are using vaccines for diplomacy, some people are trying to prioritize. Some people are buying like three to five times as many vaccines compared to their population. That's unnecessary," Japan's vaccine minister, Taro Kono, told Reuters on Monday in an interview.

"We really need to have the global leaders sit down and think this is a global issue, not the domestic issue, and try to solve this together."

Latest comments

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.